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Gold price drops after mass international sales

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The price of gold dropped by THB50 in morning trade on Thursday.

AGold Traders Association report at 9.24am said the buying price of a gold bar was THB27,900 per baht weight and selling price THB28,000, while gold ornaments cost THB27,394.12 and THB28,500, respectively.

At close on Wednesday, the buying price of a gold bar was THB27,950 per baht weight and selling price THB28,050, while gold ornaments cost THB27,439.60 and THB28,550, respectively.

The spot gold price on Thursday morning was moving around US$1,796 (THB59,147) per ounce after Comex gold at close on Wednesday dropped by $12.30, slipping from the $1,800 level to $1,794.80 per ounce due to pressure as investors scrambled to profit after the gold price rose sharply.

A US stock market rise was another factor that saw gold sales increase.

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The Hong Kong gold price meanwhile dropped by HK$60 to $16,650 (THB70,472) per tael, the Chinese Gold and Silver Exchange Society reported.

Published : September 16, 2021