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Gold slumps amid positive news on Covid-19 vaccine, Biden victory
EconNov 10. 2020
By The Nation
The price of gold dropped sharply by Bt1,200 per baht weight in morning trade on Tuesday, the Gold Traders Association reported.
As of 9.27am, the buying price of a gold bar was Bt27,000 per baht weight and selling price Bt27,100, while gold ornaments were priced at Bt26,514.84 and Bt27,600, respectively.
At close on Monday, the buying price of a gold bar was Bt28,200 per baht weight and selling price Bt28,300 while gold ornaments were Bt27,697.32 and Bt28,800, respectively.
Spot gold price moved to US$1,877 (Bt57,174) per ounce in the morning after the price dropped by US$97.3 to $1,854.4 per ounce at close on Monday due to mass sell-offs of safe-haven assets in response to the good progress in developing a Covid-19 vaccine, and former vice president Joe Biden’s victory in the US presidential election.
Hong Kong gold price dropped by HK$800 to $17,330 (Bt68,082) per tael on Tuesday morning, the Chinese Gold and Silver Exchange Society reported.
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