Thai gold price falls while US price keeps inching up
The price of gold dropped by THB100 in morning trade on Monday.
A Gold Traders Association report at 9.27am said the buying price of a gold bar was THB28,700 per baht weight and selling price THB28,800, while the buying and selling price of gold ornaments is THB28,182.44 and THB29,300, respectively.
At close on Saturday, the buying price of a gold bar was THB28,800 per baht weight and selling price THB28,900, while gold ornaments were THB28,288.56 and THB29,400, respectively.
The spot gold price on Monday morning hovered around US$1,860 (THB60,784) per ounce after Comex gold at close on Friday rose by $4.6 to $1,868.5 per ounce. This was the seventh consecutive day of hikes, the biggest weekly increase since May, as the precious metal price has been supported by the continuous buying of gold as a hedge against inflation amid concerns about rising US inflation and the disclosure of US sluggish economic data.
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The Hong Kong gold price, meanwhile, rose by HK$110 to $17,330 (THB72,699) per tael, the Chinese Gold and Silver Exchange Society reported.
