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Gold price drops amid concerns over US rising interest rate

The price of gold dropped by THB50 in morning trade on Friday.

A 9.21am report from the Gold Traders Association showed the buying price of gold bar at THB28,650 per baht weight and selling price at THB28,750, while the buying and selling price of gold ornaments is THB28,136.96 and THB29,250, respectively.

At close on Thursday, the buying price of gold bar was THB28,700 per baht weight and selling price THB28,800, while gold ornaments were THB28,182.44 and THB29,300, respectively.

The spot gold price on Friday morning was moving around US$1,862 (THB60,681) per ounce after Comex gold at close on Thursday dropped by $8.8 to $1,861.4 per ounce due to pressure from concerns that the latest data which indicates the strength of the US labour market and economy may push the Federal Reserve to raise interest rate faster than expected.

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The price of gold in Hong Kong, meanwhile, dropped by HK$110 to $17,250 (THB72,168) per tael, the Chinese Gold and Silver Exchange Society reported.

Published : November 19, 2021