Gold price slumps in the opening trade
The price of gold crashed by THB250 in morning trade on Tuesday.
A 9.28am report from the Gold Traders Association showed the buying price of gold bar at THB27,800 per baht weight and selling price at THB27,900, while the buying and selling price of gold ornaments is THB27,303.16 and THB28,400, respectively.
At close on Monday, the buying price of gold bar was THB28,050 per baht weight and selling price THB28,150, while gold ornaments were THB27,545.72 and THB28,650, respectively.
The spot gold price on Tuesday morning was hovering around US$1,758 (THB58,805) per ounce after Comex gold at close on Monday dropped by $1.7 to $1,755.7 per ounce due to pressure from the appreciation of the US dollar, including the forecast that The US Federal Reserve will not postpone its plans to cut the quantitative easing asset purchase program even as the US non-farm payrolls had expanded lower than expected in September.
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The price of gold in Hong Kong, meanwhile, dropped by HK$20 to $16,260 (THB69,917) per tael, the Chinese Gold and Silver Exchange Society reported.
