Gold gains in response to rise in spot market

The buying price of gold bar rose to Bt24,300 per baht weight while selling price was Bt24,400 per baht weight. Meanwhile, buying price of gold ornaments was Bt23,861.84 per baht weight and selling price Bt24,900 per baht weight.
The price of gold rose by Bt550 per baht weight from Tuesday’s close, referring to rising gold price in the Gold Spot market at $1,646.50 per troy ounce and the baht strengthening to Bt31.38 to the US dollar.
Gold contracts in COMEX futures increased by 3.1 per cent to $1,644.10 per ounce at Tuesday’s close since the Federal Open Market Committee of the US Federal Reserve had cut the interest rate by half a percentage point to 1-1.25 per cent from the previous of 1.50-1.75 per cent to mitigate the impact of Covid-19 outbreak on the economy.
On Tuesday (March 3), gold bar closed at Bt23,750 per baht weight for buying and Bt23,850 per baht weight for selling. Gold ornaments’ buying price was 23,316.08 and selling price Bt24,350 per baht weight.