Gold price surges on Fed signal of low interest rate
The price of gold rose by Bt200 per baht weight in morning trade on Thursday, the Gold Traders Association reported.
As of 9.40am, the buying price of a gold bar was Bt25,400 per baht weight and selling price Bt25,500 while gold ornaments cost Bt24,938.20 and Bt26,000, respectively.
At close on Wednesday, the buying price of a gold bar was Bt25,200 per baht weight and selling price Bt25,300 while gold ornaments cost Bt24,741.12 and Bt25,800, respectively.
The spot gold price moved to US$1,752 (Bt53,831) per ounce after falling by $3.80 to $1,727.10 on Wednesday due to the rise in the US bond yield before the results of a key US Federal Reserve meeting were to be announced. The gold price surged after the Fed signalled it would maintain the interest rate at a low level until 2023.
The Hong Kong gold price meanwhile rose by HK$130 to $16,200 (Bt64,105) per tael, the Chinese Gold and Silver Exchange Society reported.
