Gold price drops in response to Yellen’s remark that interest rate could rise
The price of gold in Thailand dropped by THB50 per baht weight in morning trade on Wednesday due to the strengthening dollar after US Treasury Secretary Janet Yellen remarked that “it may be that interest rates will have to rise somewhat to make sure our economy doesn’t overheat”.
The Gold Traders Association report at 9.28am showed the buying price of a gold bar at THB26,200 per baht weight and selling price at THB26,300, while gold ornaments were priced at THB25,726.52 and THB26,800, respectively.
At close on Tuesday, the buying price of a gold bar was THB26,250 per baht weight and selling price THB26,350, while gold ornaments cost THB25,772 and THB26,850, respectively.
The spot gold price on Wednesday was US$1,790 (THB55,758) per ounce compared to the price on Tuesday, when it dropped by $15.80 to $1,776 per ounce.
The Hong Kong gold price on Wednesday fell by HK$90 to $16,480 (THB66,086) per tael, the Chinese Gold and Silver Exchange Society reported.