Gold price drops heavily on Tuesday morning
The price of gold crashed by THB200 in morning trade on Tuesday.
A Gold Traders Association report at 9.28am said the buying price of a gold bar was THB28,400 per baht weight and selling price THB28,500, while the buying and selling price of gold ornaments is THB27,894.40 and THB29,000, respectively.
At close on Monday, the buying price of a gold bar was THB28,600 per baht weight and selling price THB28,700, while gold ornaments were THB28,091.48 and THB29,200, respectively.
The spot gold price on Tuesday morning hovered around US$1,789 (THB60,248) per ounce after Comex gold at close on Monday dropped by $2.9 to $1,785.5 per ounce due to pressure from the appreciation of the US dollar, including selling gold as a safe-haven asset after the US stock market rebounded strongly.
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The Hong Kong gold price, meanwhile, slumped by HK$190 to $16,610 (THB71,682) per tael, the Chinese Gold and Silver Exchange Society reported.
