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Gold dips despite US Fed signal on no upcoming rate hike

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The price of gold in Thailand dropped by THB50 per baht weight in morning trade on Thursday despite the US Federal Reserve signalling it was in no hurry to hike the interest rate amid weak US economic data.

AGold Traders Association report at 9.26am showed the buying price of a gold bar at THB26,750 per baht weight and selling price at THB26,850, while gold ornaments cost THB26,272.28 and THB27,350, respectively.

At close on Wednesday, the buying price of a gold bar was THB26,800 per baht weight and selling price THB26,900, while gold ornaments cost THB26,317.76 and THB27,400, respectively.

The spot gold price on Thursday was US$1,778 (THB56,697) per ounce after Comex gold on Wednesday rose by $6 to $1,783.40 per ounce.

The Hong Kong gold price meanwhile dropped by HK$50 to $16,480 (THB67,688) per tael, the Chinese Gold and Silver Exchange Society reported.

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Published : June 24, 2021

By : The Nation