Gold falls amid increased demand for dollars
The price of gold dropped by Bt50 per baht weight in morning trade on Monday, the Gold Traders Association reported.
As of 9.26am, the buying price of a gold bar was Bt25,950 per baht weight and selling price Bt26,050, while gold ornaments were priced at Bt25,483.96 and Bt26,550, respectively.
At close on Saturday, the buying price of a gold bar was Bt26,000 per baht weight and selling price Bt26,100, while gold ornaments were Bt25,529.44 and Bt26,600, respectively. The price dropped by Bt350 per baht weight last week.
Spot gold moved to US$1,826 (Bt54,980) per ounce in the morning, while Comex (Commodity Exchange) gold to be delivered in February slumped by US$21.5, closing at $1,829.94 per ounce on Friday, as mass buy-ups of the dollar amid worries over the Covid-19 outbreak caused the currency to strengthen.
Meanwhile, gold price was pressured by the decline in US retail sales.
Hong Kong gold price sunk by HK$280 to $16,850 (Bt65,436) per tael, the Chinese Gold and Silver Exchange Society reported.
