Gold price nose-dives on opening
The price of gold dropped heavily, by THB200, in morning trade on Thursday.
A Gold Traders Association report at 9.25am said the buying price of a gold bar was THB27,650 per baht weight and selling price THB27,750, while gold ornaments cost THB27,151 and THB28,250, respectively.
At close on Wednesday, the buying price of a gold bar was THB27,850 per baht weight and selling price THB27,950, while gold ornaments cost THB27,348 and THB28,450, respectively.
The spot gold price on Thursday morning was moving around US$1,790 (THB58,573) per ounce after Comex gold fell by $5 to $1,793.50 per ounce at close on Wednesday. This spelt the second consecutive day of decline, due to pressure over the appreciation of the dollar after the US announced that the number of job openings in July increased.
The Hong Kong gold price also dropped by a large margin – HK$70 – to $16,610 (THB69,910) per tael, the Chinese Gold and Silver Exchange Society reported.