Gold price drops, following silver
The price of gold dropped by Bt100 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 Bt26,200 per baht weight and selling price Bt26,300, while gold ornaments cost Bt25,726.52 and Bt26,800, respectively.
The spot gold price moved to US$1,844 (Bt55,339) per ounce in the morning, while the Comex (Commodity Exchange) gold price slumped by $30.50 to $1,833.40 per ounce on Tuesday due to the over 10 per cent fall in the price of silver after the Chicago Mercantile Exchange, the world’s leading and most diverse derivatives marketplace, increased its maintenance margin to deal with individual investor speculation.
The Hong Kong gold price meanwhile dropped by HK$70 to $17,000 (Bt65,817) per tael, the Chinese Gold and Silver Exchange Society reported.