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Gold rises on back of Bank of England move to boost quantitative easing, weakening dollar.
EconNov 06. 2020
By The Nation
The price of gold rose by Bt150 per baht weight in morning trade on Friday, the Gold Traders Association reported.
As of 9.24am, the buying price of a gold bar was Bt28,150 per baht weight and selling price Bt28,250, while gold ornaments were priced at Bt27,636.68 and Bt28,750, respectively.
At close on Thursday, the buying price of a gold bar was Bt28,000 per baht weight and selling price Bt28,100, while gold ornaments were Bt27,500.24 and Bt28,600, respectively.
Spot gold price moved to US$1,942 (Bt59,645) per ounce in the morning after the price rose sharply by US$50.6 to $1,946.8 per ounce at close on Thursday. Gold’s gains came from the Bank of England’s move to increase the credit limit of its quantitative easing programme in a bid to stimulate the economy, as well as the weakening dollar.
Hong Kong gold price rose by HK$270 to $17,970 (Bt71,187) per tael this morning, the Chinese Gold and Silver Exchange Society reported.
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