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Gold price sees sharp fall amid worries over US, Europe Covid-19 crisis

Oct 29. 2020
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By The Nation

The price of gold dropped by Bt300 per baht weight in morning trade on Thursday, the Gold Traders Association reported.

As of 9.20am, the buying price of a gold bar was Bt27,700 per baht weight and selling price Bt27,800, while gold ornaments cost Bt27,197.04 and Bt28,300, respectively.

At close on Wednesday, the buying price of a gold bar was Bt28,000 per baht weight and selling price Bt28,100, while gold ornaments cost Bt27,500.24 and Bt28,600, respectively.

The spot gold price moved to US$1,877 (Bt58,672) per ounce in the morning after the price dropped by US$32.70 to $1,879.20 per ounce at close on Wednesday in response to a strengthening dollar as investors bought the currency as a safe-haven asset due to the Covid-19 crisis in both the United States and Europe.

The Hong Kong gold price meanwhile dropped by HK$230 to $17,360 (Bt69,993) per tael, the Chinese Gold and Silver Exchange Society reported.

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