Sun, October 24, 2021

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Gold extends slide despite hopes of fresh US stimulus


The price of gold dropped by Bt100 per baht weight in morning trade on Thursday, the Gold Traders Association reported.

As of 9.23am, the buying price of a gold bar was Bt26,150 per baht weight and selling price Bt26,250 while gold ornaments cost Bt25,681.04 and Bt26,750, respectively.

At close on Wednesday, the buying price of a gold bar was Bt26,250 per baht weight and selling price Bt26,350 while gold ornaments cost Bt25,772 and Bt26,850, respectively.

The spot gold price moved to US$1,845 (Bt55,403) per ounce in the morning, while the Comex (Commodity Exchange) gold price to be delivered in February rose by $10.70 to $1,854.90 per ounce on Wednesday, thanks to mass buy-ups of safe-haven assets to deal with inflation after the US Consumer Price Index increased in December.

Also, gold gained positive sentiment from hopes of a rollout of fresh US economic stimulus measures.

The Hong Kong gold price meanwhile dropped by HK$70 to $17,090 (Bt66,188) per tael, the Chinese Gold and Silver Exchange Society reported.

Published : January 14, 2021

By : The Nation