Gold loses glitter as stock markets rise
The price of gold dropped sharply by Bt150 per baht weight in morning trade on Wednesday (May 27), the Gold Traders Association reported.
As of 9.22am, buying price of gold bar was Bt25,700 per baht weight and selling price Bt25,900, while gold ornaments were priced at Bt25,241.40 and Bt26,400, respectively.
The Gold Spot Index price on Wednesday morning moved to around US$1,712 (Bt54,559) per ounce after the price dropped sharply by $29.9 to $1,705.6 per ounce at close on Tuesday.
Investors were selling gold as safe haven asset after the global stock indices rose in response to progress in the development of a Covid-19 vaccine and several countries easing their lockdown measures.
Meanwhile, the Hong Kong gold price dropped by HK$130 to $15,830 (Bt65,073) per tael.
