Mon, October 25, 2021

in-focus

Gold plummets as strong US economic data prompt sell-off of precious metal


The price of gold fell by Bt250 per baht weight in morning trade on Friday, the Gold Traders Association reported.

As of 9.26am, the buying price of a gold bar was Bt25,550 per baht weight and selling price Bt25,650, while gold ornaments were priced at Bt25,089.80 and Bt26,150, respectively.

At close on Thursday, the buying price of a gold bar was Bt25,800 per baht weight and selling price Bt25,900, while gold ornaments were Bt25,332.36 and Bt26,400, respectively.

Spot gold price dropped to US$1,796 (Bt54,111) per ounce in the morning after the Comex (Commodity Exchange) gold price slumped by $43.9 to $1,791.2 per ounce on Thursday due to mass sell-offs of safe-haven assets amid strong US economic data.

Besides, the strengthening dollar and the rise in US Treasury yield also pressured the precious metal price.

Hong Kong gold price slumped by HK$250 to $16,600 (Bt64,505) per tael, the Chinese Gold and Silver Exchange Society reported.

Published : February 05, 2021

By : The Nation