Gold prices crash as Biden taps Jerome Powell for second term as Fed chair
The price of gold slumped by THB400 in morning trade on Tuesday.
A 9.24am report from the Gold Traders Association showed the buying price of gold bar at THB28,250 per baht weight and selling price at THB28,350, while the buying and selling price of gold ornaments is THB27,742.80 and THB28,850, respectively.
At close on Monday, the buying price of gold bar was THB28,650 per baht weight and selling price THB28,750, while gold ornaments were THB28,136.96 and THB29,250, respectively.
The spot gold price on Tuesday morning was moving around US$1,809 (THB59,841) per ounce after Comex gold at close on Tuesday crashed by $45.3 to $1,806.3 per ounce, recorded the worst single-day decline since August 6, due to pressure from the appreciation of the US dollar and the rebound in US government bond yields after President Joe Biden nominated Jerome Powell as the Federal Reserve's chair for a second term.
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The price of gold in Hong Kong, meanwhile, dropped heavily by HK$340 to $16,810 (THB71,349) per tael, the Chinese Gold and Silver Exchange Society reported.
