Gold plunges as rising dollar and US stock indices prompt sell-offs
The price of gold slumped by Bt450 per baht weight in morning trade on Tuesday, the Gold Traders Association reported.
As of 9.26am, the buying price of a gold bar was Bt24,550 per baht weight and selling price Bt24,650, while gold ornaments were priced at Bt24,104.40 and Bt25,150, respectively.
At close on Monday, the buying price of a gold bar was Bt25,000 per baht weight and selling price Bt25,100, while gold ornaments were Bt24,544.04 and Bt25,600, respectively.
Spot gold price moved to US$1,715 (Bt51,985) per ounce after falling by $5.8 to $1,723 on Monday due to mass sell-offs of the precious metal in response to rising US stock indices and the strengthening dollar.
Hong Kong gold price dropped by HK$240 to $15,980 (Bt62,438) per tael, the Chinese Gold and Silver Exchange Society reported.
