Gold price up amid mass purchases after drop in US consumer confidence index
The price of gold rose by THB50 in morning trade on Wednesday.
A Gold Traders Association report at 9.29am said the buying price of a gold bar was THB27,700 per baht weight and selling price THB27,800, while gold ornaments cost THB27,197.04 and THB28,300, respectively.
At close on Tuesday, the buying price of a gold bar was THB27,650 per baht weight and selling price THB27,750, while gold ornaments cost THB27,151.56 and THB28,250, respectively.
The spot gold price on Wednesday morning was moving around US$1,812 (THB58,654) per ounce after Comex gold rose by $5.90 to $1,818.10 per ounce at close on Tuesday, due to mass purchases of the precious metal as a safe-haven asset after announcement that the US consumer confidence index in August dropped to its lowest level in six months. Meanwhile, the market is keeping an eye on the results of US non-farm payrolls on Friday that could signal a timeline to cut credit under the US Federal Reserve’s quantitative easing programme.
The Hong Kong gold price meanwhile dropped by HK$50 to $16,810 (THB69,933) per tael, the Chinese Gold and Silver Exchange Society reported.