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Gold price extends gains amid hopes of fresh US stimulus package (nationthailand.com)

Gold price extends gains amid hopes of fresh US stimulus package

EconDec 16. 2020

By The Nation

The price of gold rose by Bt100 per baht weight in morning trade on Wednesday after surging by Bt200 per baht weight at close on Tuesday, the Gold Traders Association reported.

As of 9.29am, the buying price of a gold bar was Bt26,250 per baht weight and selling price Bt26,350 while gold ornaments cost Bt25,772 and Bt26,850, respectively.

At close on Tuesday, the buying price of a gold bar was Bt26,150 per baht weight and selling price Bt26,250 while gold ornaments cost Bt25,681.04 and Bt26,750, respectively.

The spot gold price moved to US$1,855 (Bt55,716) per ounce in the morning, while the Comex (Commodity Exchange) gold price to be delivered in February surged by $23.20 to $1,855.30 per ounce on Tuesday, thanks to hopes that the US Congress would approve a new economic stimulus package soon.

Besides, the market is keeping an eye on the US Federal Reserve’s monetary policy meeting to see whether the central bank will continue to ease its monetary policy or not.

The Hong Kong gold price meanwhile rose by HK$90 to $17,120 (Bt66,333) per tael, the Chinese Gold and Silver Exchange Society reported.