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Gold plunges as rising dollar and US stock indices prompt sell-offs

EconMar 02. 2021

By The Nation

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

As of 9.26am, the buying price of a gold bar was Bt24,550 per baht weight and selling price Bt24,650, while gold ornaments were priced at Bt24,104.40 and Bt25,150, respectively.

At close on Saturday, the buying price of a gold bar was Bt25,000 per baht weight and selling price Bt25,100, while gold ornaments were Bt24,544.04 and Bt25,600, respectively.

Spot gold price moved to US$1,715 (Bt51,985) per ounce after falling by $5.8 to $1,723 on Monday due to mass sell-offs of the precious metal in response to rising US stock indices and the strengthening dollar.

Hong Kong gold price dropped by HK$240 to $15,980 (Bt62,438) per tael, the Chinese Gold and Silver Exchange Society reported.