Thai, HK gold up despite US stock market surge prompting sell-offs
The price of gold rose by Bt50 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 Bt25,300 per baht weight and selling price Bt25,400, while gold ornaments were priced at Bt24,847.24 and Bt25,900, respectively.
At close on Monday, the buying price of a gold bar was Bt25,250 per baht weight and selling price Bt25,350, while gold ornaments were Bt24,801.76 and Bt25,850, respectively.
Spot gold price dropped to US$1,734 (Bt53,689) per ounce after falling by $3.6 to $1,738.1 on Monday due to mass sell-offs of safe-haven assets after the US stock market surged on mass buy-ups of tech shares.
Meanwhile, uncertainty over Turkey's economic direction also affected the demand for the precious metal.
Hong Kong gold price rose by HK$60 to $16,080 (Bt64,105) per tael, the Chinese Gold and Silver Exchange Society reported.
