Gold sees modest gains as Fed maintains bond purchases and dollar weakens
The price of gold rose by Bt50 per baht weight in morning trade on Friday after rising by Bt50 per baht weight at close on Thursday, the Gold Traders Association reported.
At 9.24am, the buying price of a gold bar was Bt26,450 per baht weight and selling price Bt26,550, while gold ornaments were priced at Bt25,969.08 and Bt27,050, respectively.
At close on Thursday, the buying price of a gold bar was Bt26,400 per baht weight and selling price Bt26,500, while gold ornaments were Bt25,923.60 and Bt27,000, respectively.
Spot gold price moved to US$1,880 (Bt56,097) per ounce in the morning, while the Comex (Commodity Exchange) gold price to be delivered in February next year surged by $31.3 to $1,890.4 per ounce on Thursday, due to the US Federal Reserve's move to maintain bond purchases, the progress of the US economic stimulus package and the weakening dollar.
