Strengthening dollar, rise in US bond yield drag gold down
The price of gold slumped by Bt300 per baht weight in morning trade on Monday, the Gold Traders Association reported.
As of 9.25am, the buying price of a gold bar was Bt26,050 per baht weight and selling price Bt26,150, while gold ornaments were priced at Bt25,574.92 and Bt26,650, respectively.
At close on Saturday, the buying price of a gold bar was Bt26,350 per baht weight and selling price Bt26,450, while gold ornaments were Bt25,878.12 and Bt26,950, respectively. The price slumped by Bt500 per baht weight last week.
Spot gold moved to US$1,829 (Bt55,135) per ounce in the morning, while the Comex (Commodity Exchange) gold to be delivered in February fell by $78.2, or 4 per cent, to $1,835.4 per ounce on Friday due to the rise in US bond yield and strengthening dollar.
Hong Kong gold price, meanwhile, was down by HK$440 to $17,050 (Bt66,284) per tael, the Chinese Gold and Silver Exchange Society reported.
