Gold price up as inflation fears push up demand for precious metal
The price of gold in Thailand rose by THB100 per baht weight in morning trade on Monday, buoyed by mass buy-ups of the precious metal to prevent risks from inflation after US personal consumption expenditure in April increased by 0.6 per cent.
The Gold Traders Association report at 9.30am showed tye buying price of a gold bar at THB28,100 per baht weight and selling price at THB28,200, while gold ornaments were priced at THB27,591.20 and THB28,700, respectively.
At close on Saturday, the buying price of a gold bar was THB28,000 per baht weight and selling price at THB28,100, while gold ornaments were priced at THB27,500.24 and THB28,600, respectively.
The price of gold in Thailand had risen by THB200 per baht weight last week.
Spot gold price on Monday was US$1,908 (THB59,610) per ounce compared to Friday when it rose by $6.8 to $1,905.3 per ounce.
Hong Kong gold price on Monday rose by HK$110 to $17,620 (THB70,926) per tael, the Chinese Gold and Silver Exchange Society reported.