Sunday, September 19, 2021

business

Gold leaps as US Fed signals no immediate plan to cut interest rate


The price of gold rose sharply by THB200 on Monday morning.

58

View

A Gold Traders Association report at 9.26am said the buying price of a gold bar was THB27,900 per baht weight and selling price THB28,000, while gold ornaments were priced at THB27,394.12 and THB28,500, respectively.


At close on Friday, the buying price of a gold bar was THB27,700 per baht weight and selling price THB27,800, while gold ornaments were THB27,197.04 and THB28,300, respectively.


Spot gold price on Monday morning was moving at around US$1,797 (THB58,403) per ounce after Comex gold rose sharply by $24.30 to $1,819.50 per ounce at close on Friday, due to the depreciation of the US dollar after US Federal Reserve chairman Jerome Powell signalled that the Fed will not rush to raise its interest rate, despite limit reduction of the bond purchase programme under the quantitative easing measure.

Hong Kong gold price, meanwhile, peaked by HK$220 to $16,910 (THB70,599) per tael, the Chinese Gold and Silver Exchange Society reported.

Published : August 30, 2021