Thursday, March 04, 2021

Gold jumps on demand to cope with inflation

Feb 23. 2021
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By The Nation

The price of gold rose by Bt200 per baht weight in morning trade on Tuesday, the Gold Traders Association reported.

As of 9.38am, the buying price of a gold bar was Bt25,650 per baht weight and selling price Bt25,750, while gold ornaments cost Bt25,180.76 and Bt26,250, respectively.

At close on Monday, the buying price of a gold bar was Bt25,450 per baht weight and selling price Bt25,550, while gold ornaments were Bt24,998.84 and Bt26,050, respectively.

Spot gold price moved to US$1,812 (Bt54,379) per ounce after rising by $31 to $1,808.4 on Monday, thanks to mass buy-ups of the precious metal to prevent risks from inflation.

Meanwhile, the gold market is keeping an eye on US Federal Reserve chairman Jerome Powell's view on the US economy, inflation and interest rate this week.

Hong Kong gold price rose by HK$160 to $16,730 (Bt64,756) per tael, the Chinese Gold and Silver Exchange Society reported.

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