Gold shines bright as safe haven asset
The price of gold surged by THB150 in the morning trade on Tuesday.
A Gold Traders Association report at 9.23am said the buying price of a gold bar stood at THB27,800 per baht weight and selling price at THB27,900, while gold ornaments cost THB27,303.16 and THB28,400, respectively.
At close on Monday, 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 Tuesday morning hovered around US$1,765 (THB58,916) per ounce after Comex gold at close on Monday rose sharply by $12.4 to $1,763.8 per ounce due to support for gold as a safe-haven asset, after the US and global stock markets fell heavily amid concerns about the default on debt of China Evergrande Group, the second-largest real-estate firm in China.
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The Hong Kong gold price, meanwhile, peaked by HK$90 to $16,370 (THB70,203) per tael, the Chinese Gold and Silver Exchange Society reported.
