Thai gold price flat amid US Treasury bond yield decline, hopes of stimulus package
The price of gold was unchanged in morning trade on Wednesday after surging by Bt300 per baht weight at close on Tuesday, the Gold Traders Association reported.
As of 9.24am, the buying price of a gold bar was Bt26,450 per baht weight and selling price Bt26,550 while gold ornaments cost Bt25,969.08 and Bt27,050, respectively.
The Comex (Commodity Exchange) gold price to be delivered in February next year rose by US$8.90, or 0.48 per cent, closing at $1,874.9 (Bt56,270) per ounce on Tuesday, the highest since November 17.
The gold price gained positive sentiment from hopes of a US Covid-19 relief package and a decline in the US Treasury bond yield.
An analyst at YLG Bullion International advised investors to undertake short-term speculation as mass buy-ups of the precious metal hadn’t increased by much.
“We advise investors to buy gold when the price rises over the line between $1,846 and $1,850 per ounce and take profits if the price cannot rise over the line between $1,878 and $1,887,” he said.
