Gold skids over higher US inflation, worries Fed may hike rates
The price of gold dropped by THB50 per baht weight in morning trade on Thursday due to uncertainty over higher US inflation, which could trigger the Federal Reserve to hike the interest rate. Meanwhile, the strengthening dollar and rising US bond yield also pressured the gold price.
A Gold Traders Association report at 9.27am showed the buying price of a bar at THB26,900 per baht weight and selling price at THB27,000, while gold ornaments were priced at THB26,408.72 and THB27,500, respectively.
At close on Wednesday, the buying price of a bar was THB26,950 per baht weight and selling price THB27,050, while gold ornaments were priced at THB26,469.36 and THB27,550, respectively.
The spot gold price on Thursday was US$1,822 (THB57,098) per ounce compared to the price on Wednesday, when it dropped by $13.10 to $1,822.80 per ounce.
The Hong Kong gold price on Thursday dropped by HK$110 to $16,850 (THB67,984) per tael, the Chinese Gold and Silver Exchange Society reported.
