Gold slides in Thailand, Hong Kong as dollar appreciates
The price of gold dropped by THB100 in morning trade on Monday.
A Gold Traders Association report at 9.26am said the buying price of a gold bar was THB27,650 per baht weight and selling price THB27,750, while gold ornaments were priced at THB27,151.56 and THB28,250, respectively.
At close on Friday, the buying price of a gold bar was THB27,750 per baht weight and selling price THB27,850, while gold ornaments were THB27,257.68 and THB28,350, respectively.
Spot gold on Monday morning was moving at around US$1,789 (THB58,590) per ounce after Comex gold at close on Friday dropped by $7.9 to $1,792.1 per ounce due to pressure from the appreciation of the US dollar, including selling gold as a safe-haven asset after President Joe Biden had a telephone conversation with Chinese President Xi Jinping, which eased concerns about the conflict between the US and China.
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Hong Kong gold price, meanwhile, dropped heavily by HK$150 to $16,570 (THB69,721) per tael, the Chinese Gold and Silver Exchange Society reported.