Gold dives as Fed signal on rates leads to mass sell-offs
The price of gold slumped by THB350 per baht weight in morning trade on Thursday due to mass sell-offs of the precious metal after the US Federal Reserve began discussions on asset tapering and announced that two interest rate hikes are expected by the end of 2023.
A Gold Traders Association report at 9.32am showed the buying price of a gold bar at THB27,000 per baht weight and selling price at THB27,100, while gold ornaments cost THB26,514.84 and THB27,600, respectively.
At close on Wednesday, the buying price of a gold bar was THB27,350 per baht weight and selling price THB27,450, while gold ornaments cost THB26,863.52 and THB27,950, respectively.
The spot gold price on Thursday was US$1,825 (THB57,132) per ounce after the Comex gold price on Wednesday rose by $5 to $1,861.40 per ounce.
The Hong Kong gold price on Thursday dropped by HK$400 to $16,820 (THB67,822) per tael, the Chinese Gold and Silver Exchange Society reported.
