Gold dives as Fed signal on rates leads to mass sell-offs #SootinClaimon.Com

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Gold dives as Fed signal on rates leads to mass sell-offs


The price of gold slumped by THB350 per baht weight in morning trade on Thursday due to mass sell-offs of the precious metal after the US Federal Reserve began discussions on asset tapering and announced that two interest rate hikes are expected by the end of 2023.

Gold dives as Fed signal on rates leads to mass sell-offs

AGold Traders Association report at 9.32am showed the buying price of a gold bar at THB27,000 per baht weight and selling price at THB27,100, while gold ornaments cost THB26,514.84 and THB27,600, respectively.

At close on Wednesday, the buying price of a gold bar was THB27,350 per baht weight and selling price THB27,450, while gold ornaments cost THB26,863.52 and THB27,950, respectively.

The spot gold price on Thursday was US$1,825 (THB57,132) per ounce after the Comex gold price on Wednesday rose by $5 to $1,861.40 per ounce.

The Hong Kong gold price on Thursday dropped by HK$400 to $16,820 (THB67,822) per tael, the Chinese Gold and Silver Exchange Society reported.

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Published : June 17, 2021

By : The Nation

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