Gold loses its sheen as dollar strengthens
The price of gold dropped by Bt50 per baht weight on Friday (May 22) morning, the Gold Traders Association reported.
As of 9.27am, the buying price of a gold bar was Bt25,900 per baht weight and selling price Bt26,100, while gold ornaments were priced at Bt25,438.48 and Bt26,600, respectively.
At close on Thursday (May 21), the buying price of a gold bar was Bt25,950 per baht weight and selling price Bt26,150, while gold ornaments were priced at Bt25,483.96 and Bt26,650, respectively.
The Gold Spot Index price on Friday morning moved to around US$1,727 (Bt55,043) per ounce after the price dropped by $30.2 to $1,721.9 per ounce at close on Thursday.
Gold price was under pressure from the strengthening dollar, while the recovery of service and manufacturing sectors in US and Europe had an impact on holding gold as a safe haven asset.
Meanwhile, Hong Kong gold price dropped by HK$45 to $15,985 (Bt65,724) per tael.
