Gold faces downward pressure after weeks riding high
The price of gold in Thailand was unchanged from Saturday close on Monday morning.
The Gold Traders Association report at 9.31am showed the buying price of a gold bar at THB28,200 per baht weight and selling price at THB28,300, while gold ornaments were priced at THB27,697.32 and THB28,800, respectively.
Gold price rose by THB200 per baht weight last week and by THB1,600 per baht weight in July, with the year's highest price at THB28,400 per baht weight.
Spot gold on Monday was US$1,812 (THB59,696) per ounce after Comex gold on Friday dropped by $18.6 to $1,817.2 per ounce due to mass sell-offs of the precious metal after its price rose to the highest in six weeks.
Hong Kong gold price, meanwhile, dropped by HK$130 to $16,830 (THB71,321) per tael, the Chinese Gold and Silver Exchange Society reported.
