Gold price in downtrend due to rising US bond yield
The price of gold in Thailand dropped by THB100 per baht weight in morning trade on Thursday.
A Gold Traders Association report at 9.29am showed the buying price of a gold bar at THB27,900 per baht weight and selling price at THB28,000, while gold ornaments cost THB27,394.12 and THB28,500, respectively.
At close on Wednesday, the buying price of a gold bar was THB28,000 per baht weight and selling price THB28,100, while gold ornaments cost THB27,500.24 and THB28,600, respectively.
The spot gold price on Thursday was US$1,800 (THB59,101) per ounce after Comex gold on Wednesday dropped by $8 to $1,803.40 per ounce due to a rise in the US bond yield.
The Hong Kong gold price meanwhile dropped by HK$10 to $16,710 (THB70,587) per tael, the Chinese Gold and Silver Exchange Society reported.