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Gold price continues to plunge as investors turn to risk assets

Nov 30. 2020
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By The Nation

The price of gold dropped by Bt100 per baht weight in morning trade on Monday after falling by Bt250 per baht weight at close on Saturday, the Gold Traders Association reported.

Thailand's gold price dropped sharply by Bt1,150 per baht weight last week, the lowest in over five months.

As of 9.21am, the buying price of a gold bar was Bt25,500 per baht weight and selling price Bt25,600, while gold ornaments were priced at Bt25,044.32 and Bt26,100, respectively.

At close on Saturday, the buying price of a gold bar was Bt25,600 per baht weight and selling price Bt25,700, while gold ornaments cost Bt25,135.28 and Bt26,200, respectively.

Spot gold price moved to US$1,781 (Bt53,930) per ounce in the morning, while the Comex (Commodity Exchange) gold price to be delivered in February next year dropped by $23.1 to $1,788.1 per ounce on Friday as investors turned from safe-haven assets to risk assets that generate higher returns, such as stocks that benefit from positive news of a Covid-19 vaccine.

Hong Kong gold price meanwhile dropped by HK$230 to $16,490 (Bt64,424) per tael, the Chinese Gold and Silver Exchange Society reported.

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