Buying price of a gold bar was Bt23,300 per baht weight and selling price Bt23,400, while buying price of gold ornaments was Bt22,876.44 per baht weight and selling price Bt23,900.

The prices rose from Tuesday’s close when buying price of gold bar was Bt22,500 and selling price Bt22,600, while buying price of gold ornaments was Bt22,088.12 and selling price Bt23,100.

Gold contracts in COMEX futures to be delivered in April rose by US$39.30 to $1,525.80 per ounce at close since investors buy gold contracts for speculation after the gold price dropped the previous day.

The price of gold dropped by 3 per cent in the beginning amid concerns that the Covid-19 outbreak would cause an impact on the global economy.

US Treasury Secretary Steven Mnuchin said that the US government would provide money from the emergency fund for American people to relieve the impact of the Covid-19 outbreak within the next two weeks.

In addition, the business sector can delay tax payment of up to $10 million, and $1 million for individuals, while US President Donald Trump has approved the extension of the tax deadline for the Internal Revenue Service of $300 billion.

A stock analyst at Krungsri Securities expected the index would fluctuate between 1,020 and 1,050.

“The market has gained positive sentiment after the US launched a big set of economic stimulus measures worth US$850 billion, while the US Federal Reserve will buy back bonds to increase liquidity in the monetary system and deal with the Covid-19 impact,” the stock analyst said.

“However, we expect the index would fall again due to uncertainty following the global economic recession from the impact of Covid-19, which has led to an increasing number of infections and deaths.”

The analyst said that currently, the European Union had announced a lockdown for 30 days to control the outbreak.

“Meanwhile, the price of crude oil fell over 2 per cent due to uncertainty following the decline in oil demand, which would be a negative sentiment for energy and petroleum stocks,” the stock analyst said.

The analyst recommended three groups of stocks for investors:

● Defensive stocks which pay high dividends, such as ADVANC, INTUCH, and TTW.

● Retail stocks, which gained buying power after the government returned total electricity metre insurance of Bt30 billion, such as CPALL, HMPRO, and BJC.

● Financial stocks, which gained from interest rate cut trends, such as MTC, SAWAD, and KTC.

The Dow Jones industrial average jumped more than 1,000 points, or roughly 5.2 percent, after a volatile day of trading. The Standard & Poor’s 500 index climbed nearly 6 percent and Nasdaq Composite finished up about 6.2 percent after the Federal Reserve and U.S. government rolled out plans to blunt the disease and its effect on American lives, from a reported $1 trillion stimulus to a $10 billion credit infusion to a pledge to beleaguered Boeing.

“The volatility shows the desperation on Wall Street to find fair value,” said Michael Farr, of Farr, Miller & Washington. “Each news release and statistic is greeted with 1,000-point swings.”

One big fix came Tuesday morning, when the Fed announced plans to launch a special fund to keep credit flowing during the coronavirus crisis. That gave the Dow a 1,100-point lift, though the blue-chip index gave up more than half those gains by midafternoon.

Starting Tuesday, the central bank will buy significant amounts of commercial paper, the short-term loans that businesses rely on for funding to pay bills and other expenses. The Fed did the same thing during the Great Recession and ended up buying about $350 billion worth of these loans, or about 20 percent of this market.

Treasury Secretary Steven Mnuchin also announced that the White House was looking at giving direct cash payments to Americans as part of a massive economic stimulus package of around $850 billion, which the administration hopes will stanch the economic free fall caused by the coronavirus. President Donald Trump had initially supported a payroll tax holiday, but said Tuesday that it would take too long to deliver relief to Americans.

“We’re looking at sending checks to Americans immediately,” Mnuchin said Tuesday at a briefing. “And I mean, now in the next two weeks.”

The news delivered a much-needed break to U.S. markets, which had been bouncing wildly between positive and negative territory on the heels of their worst day of trading since the 1987 “Black Monday” crash. All 11 S&P stock sectors were positive. All but five of the Dow 30 components were positive, with Dow Inc., Intel and Travelers the big winners. The yield on the 10-year U.S. Treasury note, a key fixture of global finance, flew above 1 percent – a sign of happy investors.

Boeing and McDonald’s were the losers. The fast-food giant expects to take a hit because nearly all its franchises are operating only drive-through, takeout and delivery services.

The decline of Boeing stock, once a Dow powerhouse, in some ways reflects the fall of the 11-year bull market that ended last week. At $125 per share, it is a fraction of the $400 it commanded a year ago, before problems surfaced in its 737 Max jet.

Volatility has reigned as investors struggle to parse the coronavirus’ increasingly disruptive presence in the United States and the growing threat of a recession. The highly watched Cboe Volatility Index, Wall Street’s “fear gauge,” saw its highest-ever close Monday after the Dow plunged 3,000 points. The index’s new high eclipsed the one set during the 2008 financial crisis.

“This is unlike anything we have ever seen,” said Jeffrey Kleintop, chief global investment strategist at Charles Schwab. “The impact this is having, not only on energy markets, but financial services, the travel industry and people’s everyday lives is really immeasurable.”

Monday’s rout came after the Federal Reserve slashed interest rates to zero and said it would revive “quantitative easing,” a remnant of the financial crisis. Last-minute losses came after Trump warned that disruption from the coronavirus pandemic could last through August and issued new public health guidance, saying Americans should limit gatherings to no more than 10 people.

“I remember some breathtaking sell-offs after 9/11,” said Kristina Hooper, Invesco global market strategist. “But this more closely resembles the crazy moves I saw during the Global Financial Crisis.”

When asked if there was a 100 percent chance of the U.S. economy tipping into a recession, as some economists have predicted, Trump said “It may be.” Ratings company S&P Global are now forecasting a global recession this year, with global gross domestic product growth of just 1 to 1.5 percent in 2020.

“The initial data from China suggests that its economy was hit far harder than projected, though a tentative stabilization has begun,” S&P Global’s Chief Economist Paul Gruenwald said in comments emailed to The Post. “Europe and the U.S. are following a similar path, as increasing restrictions on person-to-person contacts presage a demand collapse that will take activity sharply lower in the second quarter before a recovery begins later in the year.”

Ed Yardeni of Yardeni Research has joined the pessimist camp. He estimates a 4 percent to 6 percent gross domestic product drop in the second quarter followed by up to a 4 percent drop in the third.

“That would be a severe recession,” Yardeni said in his morning briefing. “The question is whether it will be a short one. Needless to say, that depends on the virus. I’m of the opinion that the worst will be over by midyear.” x

Industries that have been walloped by the coronavirus are asking for government assistance to weather the storm. U.S. airlines are asking for more than $50 billion in federal assistance amid the economic uncertainty caused by the dramatic decrease in passenger traffic. That would be more than three times greater than what the industry received after the Sept. 11 terrorist attacks.

Casinos are also asking Congress for emergency financial help. The American Gaming Association issued a statement to The Washington Post on Monday, saying that with the $260 billion industry at a “near standstill,” additional funds are needed to support casino companies and their employees.

Major retailers, including Apple, Patagonia and Abercrombie & Fitch, are shutting their doors through March to contain the coronavirus. Though store closures could be crucial to slowing the speed of the disease, they also sap consumer spending, which powers 70 percent of the U.S. economy.

More than half the jobs in the U.S. economy – about 80 million – are at moderate or high risk of being negatively impacted by the coronavirus outbreak, according to Moody’s Analytics, through decreased hours, lower pay or job loss.

The increase in shipments of about 250,000 barrels a day shows the kingdom is determined to carry on with its policy of pumping flat out after its alliance with Russia collapsed. Moscow and Riyadh are engaged now in a price war that has sent Brent crude, the global benchmark, below $30 a barrel and prompted energy companies including Exxon Mobil to plan for big spending cuts.

“Saudi Arabia will utilize the gas produced from the Fadhili gas plant to compensate for around 250,000 barrels a day of domestic oil consumption, which will enable the Kingdom to increase its crude exports during the coming few months to exceed 10 million barrels a day,” the kingdom’s Energy Ministry said in a statement on Tuesday.

Oil erased earlier gains, with Brent falling 2.3% to $29.37 a barrel as of 1:54 p.m. in London.

Saudi Arabia has told refiners it plans to supply 12.3 million barrels a day in April, a record, although the kingdom hasn’t said how much oil it will export during the month. According to the International Energy Agency, Saudi Arabia consumes an average of 3.15 million barrels a day, suggesting that exports would be capped at slightly above 9.15 million barrels a day. The new gas plant would help the kingdom boost exports above that level.

Before the price war broke out, Saudi oil exports averaged just under 7 million barrels a day from December to February, according to tanker-tracking data.

Riyadh, Moscow and several other members of the Organization of Petroleum Exporting Countries are boosting their exports just as global oil demand suffers an historic contraction due to the coronavirus pandemic. Goldman Sachs Group said on Tuesday that the rate of petroleum consumption was dropping right now by about 8 million barrels a day, or about 8% of global demand.

Trafigura Group, one of the world’s top independent oil traders, has estimated the daily demand loss at 10 million barrels as more countries lock down million of citizens in their homes, school close, flights are canceled and businesses close across Europe.

In a sign that the kingdom is preparing for a long battle, despite the heavy economic cost, state-owned oil giant Saudi Aramco on Monday indicated that Riyadh could withstand cheap oil.

“We are very comfortable with $30,” Khalid Al-Dabbagh, the finance director of Aramco, told investors on March 16 during the company’s maiden annual earnings call. “In a nutshell, Saudi Aramco can sustain very low oil prices and can sustain it for a long time and that is, especially the case compared to others in the sector.”

With the price war showing no sign of abating and demand falling, Wall Street is slashing its oil forecasts. Goldman is now predicting that Brent will average $20 a barrel during the second quarter. Oil traders privately say the benchmark could even drop into the single digits to force some producers to shut down their wells. That’s something that hasn’t happened since the industry downturn of 1997 to 1999.

The controversial move to halt trading came amid mounting speculation that other countries may take similar measures as stocks around the world plunge on fears of a global recession. While Sri Lanka joined the Philippines in shutting its bourse, markets including the New York Stock Exchange have issued statements this week saying they plan to stay open. Chinese markets were shut during an extended Lunar New Year break at the end of January, but they’ve since been operating as normal even as the outbreak spread.

The Philippine closure of equity, currency and bond markets took effect Tuesday, following President Rodrigo Duterte’s decision on Monday to widen a month-long lockdown of the capital region to cover the country’s main Luzon island, home to at least 57 million people. The bourse is targeting a reopen on Thursday, Ramon Monzon, the Philippine Stock Exchange’s chief executive officer, said in an interview on Bloomberg TV.

“If we were given the chance to articulate our position we would have requested that we don’t be included in the closure,” Monzon said, adding that the capital market’s closure was just “an oversight” by government. “Even if the market drops it is better to be open and have that transparency.”

The Bankers Association of the Philippines targets to re-open trading of foreign exchange and bonds on Wednesday and are awaiting approval from the government. “We hope that the FX and fixed income markets can re-open tomorrow. That would allow our economy to continue to function in these challenging times,” BAP President Cezar Consing told Bloomberg News in an email.

Separately, central bank Governor Benjamin Diokno said the monetary authority is leaning toward a 50 basis point interest-rate cut at its scheduled meeting on the same day.

Philippine equities have tumbled more than 30% this year, among the biggest declines in Asia. A U.S.-listed exchange-traded fund that tracks the Philippine market sank by a record 19.5% on Monday after the bourse announced it was shutting.

“This restricts the exit mechanism so it won’t be taken kindly by investors who don’t like their flow of funds constrained,” said Manny Cruz, strategist at Papa Securities. “What the market would do when trading resumes depends on the state of global markets. We will see a sharp selloff if the global weakness continues and a sharp rebound should there be a recovery worldwide.”

Shutting markets during times of crisis is extremely rare but not without precedent. America’s stock market closed for almost a week after the 9/11 terrorist attacks in 2001, while Hong Kong halted trading in the wake of the Black Monday crash in 1987. Greece shut its stock market for about five weeks in 2015.

A survey of international investors conducted by the Hong Kong stock exchange in December 1987 found unanimously that the closure had negatively affected the exchange’s international reputation and had eroded confidence in the Hong Kong market, at least in the short term.

While some commentators have argued that countries including the U.S. should consider temporary market closures, exchanges and regulators have mostly downplayed or rejected the idea. Bourses in Korea, Indonesia and Singapore said they have no plans to shut trading, while Australia’s exchange said it and market regulators “have a range of measures, some of which have already been taken, to maintain the market’s orderliness and resilience.”

U.S. Securities and Exchange Commission Chairman Jay Clayton said in an interview on CNBC Monday that stock markets should continue to operate. Nasdaq Inc. CEO Adena Friedman told Bloomberg TV that “it’s much better” to keep the markets open, citing companies’ capital-raising needs and saying “pent-up issues” can occur with closures. The New York Stock Exchange sent a note after-hours Monday saying all NYSE Group markets including trading floors would “continue to operate normally tomorrow.”

Here’s what market participants are saying about the Philippine exchange halt:

Tomo Kinoshita, global market strategist at Invesco Asset Management:

“As fewer people are able to participate in the markets, it does expose the market to more volatility. It’s a tough situation, and of course it’s not desirable. But as a short-term measure it may make sense.”

Jingyi Pan, a market strategist at IG Asia Pte in Singapore:

“Given that sentiment is a strong driver for equities at present, one can look at the Chinese market and the extended Lunar New Year holidays as a comparison. The latest shutdown comes in tandem with the lockdown of the capital region and could aid in containment efforts in the short term. If the situation improves, this could work out positively for the market and reduce the volatility in the short term as it did China even if the market returns to some adjustments initially. The drawback would be if the situation continues to worsen, that could see to further panic selling when the market reopens, though current trends does suggest increased social distancing does help with the coronavirus situation.”

Justin Tang, head of Asian research at United First Partners in Singapore:

“Think of it as a circuit breaker on steroids. There is rampant fear at the moment as evidenced by the unprecedented volatility. The enemy is ourselves in that we are really reacting to a loss of control over the situation given that no one really knows how far this can go – just as it was on 9/11. The suspension will hurt those who rely on trading for an income but will provide time for participants to calm down and evaluate the situation rationally. A weekend is hardly sufficient for that.”

Jonathan Ravelas, strategist at BDO Unibank Inc.:

“I think it is smart move because the market is already in hysteria. Sometimes taking a step back allows investors to rethink their position and digest the flood of information out there. This is a health crisis we are facing and it seems the market reaction has been too exaggerated.”

The unemployment rate climbed to 3.7% for the December-to-February period, the highest since January 2011 and more than the median estimate of 3.6% among economists surveyed by Bloomberg. The fifth straight month of higher unemployment extends the longest such run since 2009, which occurred in the aftermath of the global financial crisis. The underemployment rate also rose to a five-year high of 1.5%, the government said in a statement.

“The labor market deteriorated sharply, as the Covid-19 epidemic caused severe disruptions to a wide range of economic activities and dampened economic sentiment,” Law Chi-kwong, Secretary for Labour and Welfare, said in a government statement. “The labor market will be subject to even greater pressure in the near term, and the exact impact will hinge on the duration and severity of the pandemic around the world.”

The year-on-year decline in total employment widened to 2.5%, the most since the Asian financial crisis, Law said in the statement. Consumption and tourism-related sectors had a surge in the jobless rate to 6.1%, the highest in about a decade. Unemployment in the food and beverage service industry was even worse, climbing to 7.5%.

Meanwhile, unemployment in construction “deteriorated drastically as construction activities saw a visible slowdown” while underemployment in transportation rose noticeably because of sharply reduced travel and cargo flows, Law said.

In a blog post on Sunday, Financial Secretary Paul Chan warned the jobless rate would likely climb to its highest level in nine years in February, with hotels, retailers, restaurants and construction among the industries hit hardest. The underemployment rate is also likely on the rise, he said.

The escalating global pandemic is the latest blow to Hong Kong’s economy, which plunged into recession last year after months of anti-government protests. The city’s economy is forecast to grow in a range of -1.5% to +0.5% this year, Chan forecast in the budget released in late February. The plan includes HK$120 billion ($15.5 billion) in relief measures, with a HK$10,000 handout to permanent residents age 18 and older.

“The rise in the unemployment rate reflects how the economy is going through a severe downturn,” said Tommy Wu, a senior economist with Oxford Economics, before the jobless figures were released. “Obviously, those who lost their jobs will cut their spending. Even among people who are employed, they will also turn more cautious,” he said, because of the possibility of wage freezes, reductions in pay and further job cuts.

Read: Hong Kong Shutdown Is a Lesson to the World in Halting Virus

As the rest of the world struggles with the spread of Covid-19, Hong Kong’s early measures to combat the virus have shown some success partly because of memories of the deadly SARS virus in 2003. Currently, confirmed cases in Hong Kong stand at 153 with four deaths, despite the city’s proximity to mainland China.

Those close economic ties with the mainland, however, also mean the success so far in keeping infections under control has not translated to similar upswings across key economic indicators.

Visitor arrivals to Hong Kong plummeted a record 96% in February, according to the Hong Kong Tourism Board. Small-business sentiment also plunged to a record low last month, falling through the previous trough reached during months of unrest last year. January retail sales slid for a 12th straight month.

“While the number of Covid-19 cases in Hong Kong is relatively low compared to China and the rest of the world, Hong Kongers have remained very cautious and their daily lives are far from being normal,” Wu said. “I do think that the HK$10,000 stimulus would be a boost, and an expected bounce back in China’s economy in upcoming quarters might help. But the gloomy global picture is going to overshadow Hong Kong’s economic outlook and offset some of these positives.”

Starting Tuesday, the central bank will buy significant amounts of commercial paper, the short-term loans that businesses rely on for funding to pay bills and other expenses. The Fed did the same thing during the Great Recession and ended up buying about $350 billion worth of these loans, or about 20 percent of this market.

Buying this debt helps ensure there is a financial lifeline for businesses and households to make it through this crisis. The commercial paper market directly impacts the mortgage and auto loan markets in addition to credit for small and large businesses.

“By ensuring the smooth functioning of this market, particularly in times of strain, the Federal Reserve is providing credit that will support families, businesses, and jobs across the economy,” the central bank said in a statement.

Wall Street investors and economists have been calling for the central bank to do this as the commercial paper market has nearly frozen in recent days. The action is known formally as a “Commercial Paper Funding Facility,” and it helps prevent short-term cash crunches.

“The [Fed’s] goal is to prevent a larger catastrophe that includes soaring bankruptcies, unemployment and underemployment,” wrote Joseph Brusuelas, an economist at audit firm RSM, in a note to clients.

But Brusuelas warned that more dramatic steps might be needed. The Fed is largely restricted to buying the debt of high quality firms who are the least likely to default. But the U.S. Treasury could offer bridge loans to a wider array of firms.

The Fed has taken a series of dramatic steps this month to stabilize markets and boost the economy. On Sunday, the Fed slashed interest rates to zero and re-started a massive bond buying program to purchase $700 billion worth of U.S. Treasuries and mortgage-backed securities.

Fed Chair Jerome Powell, a frequent target of President Donald Trump’s criticism, has vowed to use “our full range of tools” to revive the economy.

The U.S. Treasury authorized $10 billion to backstop the Fed from any losses as it begins to make the purchases. There were no losses during the Great Recession when the Fed did this because companies either re-paid their loans or the Fed was able to sell the loans back into the market after the panic subsided.

Treasury Secretary Steven Mnuchin immediately announced his support.

“I have just sent Chairman Jerome Powell a letter confirming that I approve the establishment of the CPFF to provide liquidity to the financial system,” Mnuchin said. “By providing short-term credit, the CPFF will help American businesses manage their finances through this challenging period.”

The value of overall sales decreased 0.5% from the prior month after a 0.6% gain in January, Commerce Department figures showed Tuesday. The median estimate in a Bloomberg survey called for a 0.2% advance.

Sales in the “control group” subset, which some analysts view as a more reliable gauge of underlying consumer demand, were little changed, compared with projections for a 0.4% gain. The measure excludes food services, car dealers, building-materials stores and gasoline stations.

The report suggests consumers had already begun to scale back before the number of coronavirus cases in the U.S. began accelerating. It’s not clear if the figures reflect any added boost from widespread supply stockpiling as Americans headed to grocery stores and online retailers to buy the essentials. Grocery store sales fell 0.1% after a 0.2% decline, the report showed.

The numbers starting from March on are likely to show a deep hit to many categories as conferences, restaurants and sports shut down across the nation.

Spending at automobile dealers fell 0.9%. Excluding automobiles and gasoline, retail sales dropped 0.2% from the prior month, compared with projections for a gain.

Personal-spending figures will offer a fuller picture of U.S. consumption in data due at the end of the month.

Topping the list is a 50 per cent reduction in landing and parking fees for all Thai and foreign airliners from April 1 to December 31.

Another is an extension of the reduction in jet fuel excise to December 31 from the original expiry date of September 30.

Airports of Thailand president Nitinai Sirismatthakarn said passenger number at AOT’s six airport last month dropped 27.7 per cent year on year. During March 1 to 16, the number fell 49 per cent on average and even plunged to 60 per cent on some days.

Treasury Secretary Steven Mnuchin will present details to Senate Republicans later Tuesday. The package would be mostly devoted to flooding the economy with cash, through a payroll tax cut or other mechanism, two of the officials said, with some $50 billion directed specifically to helping the airline industry. The officials spoke on condition of anonymity to discuss internal deliberations.

Mnuchin would like to see the package pass the Senate by the end of the week, he told senators Monday evening in a meeting at the Capitol.

“I think the assumption’s going to be that we’re going to do something, it should be big. Because we can’t assume that we’re just going to keep coming back,” Sen. Marco Rubio, R-Fla., said Monday night leaving a meeting with Mnuchin and other administration officials.

Rubio said aid to airlines was likely to be included. “We still need to get people around the country. I have no doubt that’s going to be a major feature of the next step.”

It’s unclear how warmly the design of the White House’s proposal will be received. Trump has for several weeks pushed Congress to cut or eliminate the payroll tax, which is paid by employees and employers and funds Social Security and Medicare benefits. Many Democrats have complained that such a tax cut would not necessarily directly benefit people who have lost jobs because of the coronavirus crisis. But lawmakers have, in recent days, talked about the need for a huge economic package to stabilize the economy, and it’s likely that some ideas are being revisited.

The attempt to inject a massive amount of money into the economy is reminiscent of the bailouts and stimulus steps Congress took during the economic crisis more than a decade ago. This time around, with everyday life in America screeching to a halt, the intervention may need to be faster and even more extreme. In 2008, Congress passed a $700 billion package, called the Troubled Asset Relief Program, to try and rescue the financial system.

The package the White House is pursuing now would be bigger, not adjusted for inflation, but it would include things like tax cuts that the 2008 program lacked.

Still, the economic fallout from the current crisis only appears to be gaining momentum. Many schools have closed around the country, and the federal government told Americans Monday to limit gatherings of more than 10 people. President Donald Trump warned a recession could be on the horizon.

The massive package now under consideration would be the third step Congress has taken as it moves rapidly to address aspects of the pandemic.

Earlier this month Congress approved $8.3 billion in emergency spending for public health programs, and last week the House passed a package with paid sick leave, unemployment insurance, money for food stamps, free coronavirus testing and more. That legislation must still pass the Senate after the House approved modifications late Monday that were billed as “technical corrections” but actually scaled back the sick leave provisions.