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Gold sees sharp rise amid weakening dollar, Covid-19 worries

EconSep 29. 2020

By The Nation

The price of gold rose by Bt450 per baht weight in morning trade on Tuesday, the Gold Traders Association reported.

As of 9.24am, the buying price of a gold bar was Bt28,200 per baht weight and selling price Bt28,300, while gold ornaments cost Bt27,697.32 and Bt28,800, respectively.

At close yesterday, the buying price of a gold bar was Bt27,750 per baht weight and selling price Bt27,850, while gold ornaments cost Bt27,257.68 and Bt28,350, respectively.

The spot gold price moved to US$1,886 (Bt59,817.96) per ounce this morning after the price rose by $16 to $1,882.30 at close yesterday.

The gold price closed in positive territory from a weakening dollar and uncertainty over the Covid-19 pandemic, helping the precious metal as a safe-haven asset to become more attractive to investors.

Meanwhile, the Hong Kong gold price rose by HK$280, opening at $17,420 (Bt71,288.99) per tael this morning, the Chinese Gold and Silver Exchange Society reported.