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Gold plunges amid rise in US stock market


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

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As of 9.29am, the buying price of a gold bar was Bt24,850 per baht weight and selling price Bt24,950, while gold ornaments were priced at Bt24,407.60 and Bt25,450, respectively.

At close on Thursday, the buying price of a gold bar was Bt25,050 per baht weight and selling price Bt25,150, while gold ornaments were Bt24,604.68 and Bt25,650, respectively.

Spot gold price moved to US$1,723 (Bt52,817) per ounce after rising slightly by 80 cents to $1,722.6 on Thursday on the weakening dollar and the decline in US bond yield. However, the rise in the US stock market and strong US labour statistics have obstructed the rise in the price of the precious metal.

Hong Kong gold price dropped by HK$120 to $15,960 (Bt63,050) per tael, the Chinese Gold and Silver Exchange Society reported.

 

Published : March 12, 2021

By : The Nation