Gold sees better signs while worries over Omicron eases
The price of gold rose by THB50 in morning trade on Friday.
A 9.25am report from the Gold Traders Association showed the buying price of gold bar at THB28,400 per baht weight and selling price at THB28,500, while the buying and selling price of gold ornaments is THB27,894.40 and THB29,000, respectively.
At close on Thursday, the buying price of gold bar was THB28,350 per baht weight and selling price THB28,450, while gold ornaments were THB27,833.76 and THB28,950, respectively.
The spot gold price on Friday morning was moving around US$1,772 (THB60,070) per ounce after Comex gold at close on Thursday crashed by $21.6, hit the lowest level in more than 7 weeks to $1,762.7 per ounce due to pressure from the forecast that The US Federal Reserve (Fed) may raise interest rates sooner than expected. In addition, the fading concerns over the Covid-19 Omicron variant was also another pressure to sell gold as a safe-haven asset.
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The price of gold in Hong Kong, meanwhile, dropped by HK$10 to $16,460 (THB71,604) per tael, the Chinese Gold and Silver Exchange Society reported.