Gold price stable with rate cut expected
The price of gold was unchanged on Thursday morning (February 27) from its close on Wednesday, the Gold Traders Association reported.
A gold bar was Bt24,750 per baht weight to buy and Bt24,850 to sell, and gold ornaments Bt24,301.48 to buy and Bt25,350 to sell.
Gold contracts in COMEX futures fell by US$6.90 and closed on Wednesday at $1,643 per ounce.
Investors submitted a profit-taking order to the market on Tuesday, triggering the sharpest fall in the gold price in nearly four months.
But the price was bolstered by the expectation that the US Federal Reserve and European Central Bank will cut interest rates to offset the economic effects of the Covid-19 virus outbreak.
US President Donald Trump was scheduled to hold a press conference regarding the outbreak on Thursday at 6pm alongside officials of the Centres for Disease Control and Prevention.
RELATED