Gold price slumps amid strong US economic data
The price of gold dropped by Bt150 per baht weight in morning trade on Wednesday, the Gold Traders Association reported.
As of 9.25am, the buying price of a gold bar was Bt26,100 per baht weight and selling price Bt26,200, while gold ornaments cost Bt25,635.56 and Bt26,700, respectively.
At close on Tuesday, 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 (Bt55,300) per ounce in the morning, while the Comex (Commodity Exchange) gold price to be delivered in February dropped by $4.30 to $1,850.90 per ounce on Tuesday due to mass sell-offs of safe-haven assets in response to strong US economic data.
Meanwhile, the market is keeping an eye on the US Federal Reserve meeting.
The Hong Kong gold price dropped by HK$60 to $17,090 (Bt66,086) per tael, the Chinese Gold and Silver Exchange Society reported.
