Gold price drops in the opening trade
The price of gold dropped by THB100 in the morning trade on Friday.
A 9.27am report from the Gold Traders Association showed the buying price of gold bar at THB28,150 per baht weight and selling price at THB28,250, while the buying and selling price of gold ornaments is THB27,636.68 and THB28,750, respectively.
At close on Thursday, the buying price of gold bar was THB28,250 per baht weight and selling price THB28,350, while gold ornaments were THB27,742.80 and THB28,850, respectively.
The spot gold price on Friday morning was hovering around US$1,797 (THB59,696) per ounce after Comex gold at close on Thursday rose by $3.8 to $1,802.6 per ounce due to support in buying gold as a safe-haven asset after the US revealed the gross domestic product (GDP) number in the third quarter, which grew at the lowest rate in more than a year and in addition, the depreciation of the US dollar was another buying force in the gold market.
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The price of gold in Hong Kong, meanwhile, dropped by HK$50 to $16,670 (THB71,194) per tael, the Chinese Gold and Silver Exchange Society reported.
