New power plants a priority to cope with demands of EEC in coming decade #SootinClaimon.Com

Posted on March 1, 2021 by SoClaimon

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/30403134

New power plants a priority to cope with demands of EEC in coming decade

EconFeb 28. 2021

By The Nation

The Ministry of Energy is seeking acceleration of new power projects to cope with the expected sharp spike in electricity demand with the promotion of the Eastern Economic Corridor (EEC).

The ministry officials met with the EEC Policy Committee and the National Energy Reform Committee on February 23, to plan for energy readiness in the EEC, pushing for the fourth phase of petroleum investment projects

Pornchai Rujiprapa, chairman of the National Energy Reform Committee, revealed that although Covid-19 would slow down Thai industry and investment, the latest electricity usage statistics showed that the Thai economy had recovered. In the industrial sector, electricity usage had risen to the same level as before the Covid-19 pandemic, except the hotel sector which needed more time to recover.

The private sector’s EEC investment plan would return to normal and there was a need to accelerate energy planning to accommodate future expansion, he said.

The demand for electricity is expected to increase by over 4,000 megawatts in the next 10 years if large infrastructure, such as high-speed trains linking three airports, the development of U-Tapao Airport and the Eastern Aviation City, Map Ta Phut Port Phase 3 and Laem Chabang Port Phase 3 including the Eastern Economic Corridor Innovation Zone, the Digital Industry Promotion and Innovation Zone, and several new smart cities are completed.

There are also old factories that will expand investment and factories which will set up production bases in the EEC.

A cumulative evaluation of investment promotion applications from the Office of the Board of Investment with an investment value of Bt300 billion in the EEC shows that electricity demand will increase by 20,000-30,000 megawatts. In addition, the government has set targets for 2030 when 30 per cent of car production would be electric vehicles, pushing up by hundreds of megawatts the demand for electricity for EVs.

The target industries for the EEC are all high-tech industries including the charging of electricity for EVs, which require high-efficiency electricity. Clusters of electricity or power outages could damage factories and high-tech industries. Stability and quality of power are the priorities for investors, the ministry said.

Setting up a new power plant would take at least five years of planning, design and construction, while building a dam to generate electricity would take 7-8 years. Around 30 per cent of Thailand’s current reserve power is sufficient to support the expansion of the Thai economy until 2026-2027, when electricity reserves would fall to 15-16 per cent, which is a very high risk for electricity stability and quality, the ministry said. Therefore, planning and finalisation must be accelerated and completed by 2021 in order to build new power plants in time.

“In the next four to five years, old power plants will need to be removed from the 4,000-5,000 megawatt system, with the expanding economy increasing demand for electricity. Therefore, all parties have to accelerate the planning of sufficient power generation capacity, so as to not affect investor confidence,” said Pornchai.

Energy plans in the EEC offer renewable energy markets. Many factories may want to use electricity from renewable sources, such as wind, solar and water, to protect the environment, he said.

Tech leads U.S. stock rout as bond yields soar #SootinClaimon.Com

Posted on February 26, 2021 by SoClaimon

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https://www.nationthailand.com/business/30403070

Tech leads U.S. stock rout as bond yields soar

EconFeb 26. 2021

By Syndication Washington Post, Bloomberg · Claire Ballentine, Vildana Hajric

Tech shares led a rout in U.S. stocks while the sell-off in global bonds deepened, with the benchmark Treasury yield spiking to a one-year high and debt from the U.K. to Australia coming under pressure.

The Nasdaq 100 tumbled 3.6%, the most since October, as investors rotated away from pandemic-era winners toward companies poised to benefit from an end to lockdowns. About 10 stocks fell for every one that gained on the S&P 500. Cathie Wood’s ARK Innovation ETF extended its decline, leaving it 15% lower for the week. Stocks popular with the day-trader crowd surged once again, with GameStop Corp. doubling at one point before ending 19% higher.

Ten-year Treasury yields spiked after tepid demand at an auction for government bonds, surging as much as 23 basis points to 1.6%, the highest since last February. The increase forced a crucial group of investors such as holders of mortgage securities to sell Treasuries, which in turn led to further increases in yields.

Across markets, investors are betting on a sunnier outlook for the global economy, with U.S. jobless claims data the latest to support that idea. But some traders worry that resurgent growth is already priced into stocks, and they’re staring down the risk that accelerating inflation is just around the corner, a development that would dent the appeal of equities.

“It’s all about interest rates,” said Randy Frederick, vice president of trading and derivatives for Schwab Center for Financial Research. Tech “has been a relative outperformer. As it led on the way up, it will likely lead on the way down too.”

In remarks this week, Federal Reserve Chairman Jerome Powell offered reassurance that policy would continue to be supportive and look beyond a temporary pickup in inflation, especially from a low base.

That’s given the bond market enough reason to keep driving yields higher. The 10-year U.S. yield adjusted for inflation rose to its highest level since June, a warning sign for riskier assets that have benefited from exceptionally loose financial conditions amid the pandemic.

Elsewhere in markets, Asian bourses closed broadly higher. Bitcoin traded just below $50,000.

These are some of the main moves in markets:

Stocks

– The S&P 500 Index fell 2.5% as of 4 p.m.EST.

– The Stoxx Europe 600 Index fell 0.4%.

– The MSCI Asia Pacific Index surged 0.8%.

– The MSCI Emerging Market Index added 0.2%.

Currencies

– The Bloomberg Dollar Spot Index rose 0.6%.

– The euro climbed 0.1% to $1.2173.

– The British pound fell 0.8% to $1.4024.

– The Japanese yen weakened 0.3% to 106.22 per dollar.

Bonds

– The yield on 10-year Treasurys increased 15 basis points to 1.52%.

– Germany’s 10-year yield jumped seven basis points to -0.23%.

– Britain’s 10-year yield increased five basis points to 0.78%.

Commodities

– West Texas Intermediate crude rose 0.4% to $63.45 a barrel.

– Gold weakened 1.8% to $1,773.03 an ounce.

Thai exports see highest jump in 29 months #SootinClaimon.Com

Posted on February 26, 2021 by SoClaimon

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https://www.nationthailand.com/business/30403068

Thai exports see highest jump in 29 months

EconFeb 26. 2021

By The Nation

Thailand’s manufacturing production index (MPI) in January rose to 101.82, driving the highest export growth in 29 months, the Industry Ministry reported on Thursday.

Exports of goods (minus gold) in January grew 8.22 per cent, expanding for the second consecutive month.

Factory utilisation also increased to 66.41 per cent, boosting hopes of a manufacturing recovery following Covid-19 prevention measures and the arrival of Thailand’s first vaccine shipment on Wednesday.

The January MPI represented a 2.80 per cent fall from the same period last year, but this was less than the 4.4 per cent contraction predicted by analysts in a Reuters poll.

The speed of recovery in Thai manufacturing would depend on Covid-19 vaccination rollout here and abroad, domestic infections, government stimulus measures, and tourist numbers this year, said the ministry.

China, UAE join Thailand and HK in central bank digital currency project #SootinClaimon.Com

Posted on February 26, 2021 by SoClaimon

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https://www.nationthailand.com/business/30403067

China, UAE join Thailand and HK in central bank digital currency project

EconFeb 26. 2021

By The Nation

China and the United Arab Emirates have joined the Bank of Thailand (BOT)’s joint central bank digital currency (CBDC) project. Named Project Inthanon-LionRock, the cross-border digital transaction scheme is a joint project with the Hong Kong Monetary Authority (HKMA).

On Tuesday, the People’s Bank of China and the Central Bank of the United Arab Emirates announced they had joined the project, which has now been renamed the Multiple CBDC Bridge (m-CBDC Bridge).

The m-CBDC Bridge project will use distributed ledger technology (DLT) to develop a prototype for real-time cross-border foreign exchange transactions on a 24/7 basis, said its four central-bank members. It will also encourage more central banks in Asia and other regions to jointly study the potential of DLT in enhancing the financial infrastructure for cross-border payments. The aim is to alleviate pain points in cross-border fund transfers, such as inefficiencies, high cost and complex regulatory compliance.

TRIS warns of sluggish recovery after Thai restrictions lifted in March #SootinClaimon.Com

Posted on February 26, 2021 by SoClaimon

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https://www.nationthailand.com/business/30403059

TRIS warns of sluggish recovery after Thai restrictions lifted in March

EconFeb 26. 2021

By The Nation

TRIS Rating expects the Thai economy to grow 2.6 per cent this year, rebounding from a 6.1 per cent contraction in 2020 – its worst performance since shrinking 7.6 per cent in 1998.

This year’s projection is based on the assumption that Covid-19 restrictions will be eased in March to allow full resumption of economic activities, said the Thai ratings agency.

“On that basis, we project the Thai economy to expand from the second quarter of 2021 onward, supported by the government’s economic relief measures and improving consumer and business sentiments as the rollouts of vaccinations are progressing worldwide,” said TRIS.

It also expects Thailand to welcome three to four million foreign tourists this year as quarantine requirements are relaxed towards the end of 2021.

However, TRIS warns that private consumption and private investment are seeing a lacklustre recovery, shadowed by the resurgence of Covid-19 and its impact on unemployment, household debt, and business liquidity. It projects private consumption and private investment will grow by 1.5 per cent and 3.7 per cent, respectively, in 2021.

Meanwhile, it forecasts public consumption and public investment will expand by 5 per cent and 8 per cent, respectively, this year.

External demands are also facing sluggish recovery with high uncertainty over the revival of tourism, it added.

It expects exports and imports to grow slightly by 0.7 per cent and 0.3 per cent, respectively, in 2021. The worldwide shortage of shipping containers should be resolved by the first half of 2021, said TRIS.

However, it expects the appreciation of the baht will likely continue to hinder the recovery of the export sector.

ClimaCell, an ambitious private weather firm, plans to launch its own satellites #SootinClaimon.Com

Posted on February 25, 2021 by SoClaimon

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https://www.nationthailand.com/business/30403032

ClimaCell, an ambitious private weather firm, plans to launch its own satellites

CorporateFeb 25. 2021An artistic rendering of a ClimaCell satellite. MUST CREDIT: ClimaCell

By The Washington Post · Andrew Freedman

ClimaCell, a growing private weather company based in Boston whose customers include airlines, maritime shipping firms and everyday consumers, plans to spend $150 million during the next few years to launch its own satellite radar constellation.

The goal, company leaders said in an interview, is to make its own forecasts more reliable, thereby benefiting its clients, the public through its weather app, and policymakers.

This aim contrasts with the business of most, if not all, space companies today that are pursuing weather applications. These firms, such as GeoOptics and Spire, have business models based on selling the data for others to use in forecasting the weather, with customers that include federal agencies. However, ClimaCell would use its own technology, which already includes proprietary weather modeling, to take advantage of the data it gathers from space.

The end result, if all goes well, would be a vertically integrated weather company whose operations range from generating its own data to sifting through that information using computer models and turning that into products aimed at improving how businesses operate.

According to ClimaCell co-founder and chief executive Shimon Elkabetz, ClimaCell has several dozen scientists and engineers now dedicated to developing and eventually deploying a fleet of small space-based weather radars that could gather real-time data of every location on the globe at any time. This would be a major leap forward for radar coverage over data-sparse regions, he said, such as Africa, South America and the oceans.

The satellites would carry a Ka-band radar instrument, Elkabetz said, which he compared to a research mission that NASA has carried out known as the Global Precipitation Measurement (GPM) satellite.

GPM consists of a dual-frequency radar that allows it to get a three-dimensional view of precipitation falling within a storm, including by seeing the distribution of different droplet sizes within the clouds, according to Dalia Kirschbaum, who heads NASA’s hydrological sciences lab at the Goddard Space Flight Center in Greenbelt, Md.

The downside to GPM is that it’s just one satellite. “When you have a single orbiting spacecraft, if you don’t get a good [pass over] a storm, then you just miss it,” she said.

The space agency has also launched small satellites, such as rainCube, which was mounted on the International Space Station, to help solve the challenge of building powerful radars in small boxes, Kirschbaum said.

“The instrument will offer similar capabilities” to the radar aboard GPM, Elkabetz said, “in terms of both resolution and sensitivity, but exceed the swath,” or scan footprint, by a factor of more than two.

To accomplish this, the company is planning to use its own technologies to develop a new radar and antenna. ClimaCell is seeking to lower the costs per satellite by at least half compared to the NASA satellite, which scans a location on Earth only every three days. The cost savings, Elkabetz said, “will allow us to scale this from a single-satellite mission to a constellation of dozens of satellites that enables global coverage with high revisit rates.”

Rei Goffer, co-founder and chief strategy officer at ClimaCell, said revisit times, the interval between instances when the satellite passes over the same location on Earth, would be one hour in the company’s planned satellite constellation.

“We are not going to space just because it’s cool,” Goffer said in an interview, but instead are trying to solve a data gap that could allow the company to make far more accurate forecasts.

Outside experts, such as Brian Weeden of the Secure World Foundation, questioned whether the new satellites would interfere with other spacecraft also operating within the Ka band of spectrum, including planned 5G satellites and other weather satellites already in low Earth orbit.

Elkabetz said he expects to encounter skepticism from those who may not believe that ClimaCell has solved some of the technical challenges in developing and deploying these satellites. If he were not involved in the project already, he wouldn’t believe it, either, he said.

“I respect anyone who thinks it’s difficult, and as we are able to reveal in the future how it works, hopefully people will be able to witness it themselves,” he said in an interview.

Marshall Shepherd, director of the University of Georgia’s atmospheric sciences program, said he sees this project as a way to better predict weather extremes.

“Precipitation is at the heart of many weather-related extremes ranging from flooding to hurricanes, yet is very difficult to measure on global scales,” Shepherd said in an email.

“I am not surprised that scholars are exploring new ways to provide measurements with the accuracy and resolution useful for applications.”

ClimaCell has raised a substantial amount of money for a recent entrant into the weather forecasting business: about $112 million in venture capital funding, with the most recent round closing in July 2020.

Elkabetz noted that most of the world still does not have radar coverage, including in Latin America, Africa, the Middle East and Asia.

“The system’s capabilities will enable new modeling and analytics with precision never before available in the developing world,” he said.

“The data will power applications such as monitoring the conditions favorable for locust reproduction and migrations, as well as conditions that lead to devastating infectious diseases such as malaria, which put millions of lives and livelihoods at risk,” Elkabetz said in a statement.

The satellites could significantly help hurricane forecasts, he said, since they would provide details about the structure and evolution of such storms. The National Hurricane Center has utilized data from the GPM mission and previous weather satellites for forecasting purposes.

The chief engineer for the program is John Springmann, who has worked with private sector space firms including SpaceFlight industries, which launched the BlackSky constellation. The team has also been working with Kerri Cahoy, co-director of the small-satellite center at MIT.

ClimaCell is aiming to launch its first radar satellite in the third quarter of 2022.

Through the company’s nonprofit arm known as ClimaCell.org, the satellite data could flow to areas where improved forecasts are desperately needed, mainly in the developing world, Goffer and Elkabetz said.

Barbie’s pandemic sales boom follows long revamp at Mattel #SootinClaimon.Com

Posted on February 25, 2021 by SoClaimon

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/30403031

Barbie’s pandemic sales boom follows long revamp at Mattel

CorporateFeb 25. 2021Mattel Inc. Barbie brand dolls in an arranged photograph on April 16, 2018. MUST CREDIT: Bloomberg photo by Daniel Acker.

By Syndication Washington Post, Bloomberg · Kelly Gilblom

One of the biggest consumer hits of the pandemic, alongside Netflix and the Nintendo Switch, is a 61-year-old doll once mocked as outdated and sexist.

Long written off by many parents and kids — and criticized for promoting an unrealistic body image — Mattel Inc.’s Barbie generated its best sales growth in two decades in 2020. Years of planning and a bit of luck have turned the baby boomer of toys into a go-to item for millions of kids.

The result: Barbie and Mattel have turned a corner, with Wall Street projecting years of growth for the toymaker. And the company’s shares are up more than 50% in the past year. Citigroup analyst Shawn Collins gave the stock an additional vote of confidence Wednesday, raising his recommendation to a buy from neutral.

Barbie still carries plenty of baggage for promoting a largely White, gendered image of beauty. But her reputation is changing. In October, a YouTube video of a digital Barbie and friend discussing racial justice went viral and was held up as an example of inclusion. Management will discuss its plans for Barbie and the company in a meeting Wednesday with investors and analysts.

In an interview, Chief Executive Officer Ynon Kreiz gave some of the credit to Walt Disney Co., which ironically dumped Mattel as a doll licensee a few years ago and awarded the business to Hasbro Inc.

“The preeminent company, and a great reference, is Disney,” Kreiz said. “And more specifically, what they’ve done with Marvel. This is the long-term vision.”

Like many companies, Disney and Mattel have revamped their products to reflect the times — emphasizing racial equality and diversity. For Marvel, that’s meant new types of superheroes and stories. For Barbie: more dolls for people of color and more realistic body types. The coronavirus didn’t hurt either. Families on the hunt for ways to distract their bored children turned to streaming, video games and classic toys like dolls.

Just a few years ago, Barbie’s future was in doubt. Sales were declining and the company, which had long dominated the U.S. doll market, was losing ground to competitors. Kids didn’t view the toymaker’s flagship product as an aspirational role model, and Mattel President Richard Dickson knew it.

“They thought that she was vapid, not really representing what was culture,” Dickson said in an interview. “She didn’t aesthetically look like the world that we live in. And the results, frankly, were quite shocking and depressing.”

The transformation, which the company plans to highlight Wednesday, was no accident. Propelled by Kreiz, who took the reins of the El Segundo, California-based toymaker in April 2018, Mattel dedicated itself to becoming something new. The staid business of incrementally improving a toy each year gave way to the notion that products should rise to the top of conversations around pop culture. And the savvier that Mattel could be at drawing positive attention, the better sales would be.

A film and television veteran who did stints with Fox Kids, Maker Studios and Endemol, Kreiz was used to having a few well-known brands to build on. As CEO of Mattel, he was sitting on a goldmine that hadn’t been fully exploited — from Uno card games and Fisher-Price toddler toys to American Girl dolls and Hot Wheels cars.

“There’s so much good content,” said Jackie Breyer, editorial director of Toy Insider. “Reintroducing some of their really strong intellectual property makes sense. It’s really a big trend.”

A key part of that transformation happened behind the scenes. Kreiz eliminated much of the company’s manufacturing capacity, formed a film department and enlisted social media influencers.

Since 2018, he has signed agreements with studios, including Warner Bros. and Universal Pictures, to make 11 different feature films based on Mattel brands, even extremely old-school ones like View-Master — the red stereoscopes that kids use to look at slideshows. Mattel is also active in TV, with more than 17 shows and specials in production, and more than 25 in development.

One feature in development: a Barbie movie with Warner Bros., written and directed by Oscar nominee Greta Gerwig and set to star Margot Robbie.

The covid-19 pandemic has complicated production, and it’s not clear when any of Mattel’s feature films will actually start shooting. Kreiz isn’t able to provide details, other than to say none will be released in 2021.

Still, Dickson and brand manager Lisa McKnight have laid the groundwork for Barbie to succeed with or without Hollywood. They’ve embarked on perhaps the product’s biggest diversity push since 1980, when Mattel introduced the first Black Barbie.

Barbie’s more inclusive dolls, led by its “Fashionista” brand, now come in 22 skin tones, 94 hair colors, 13 eye colors and five body types. Little girls can get dolls with prosthetic legs or wheelchairs. Ken dolls have a broader array of body types and hairstyles, including man buns. Mattel also rolls out dolls for different occasions: A Maya Angelou that came out just before Black History Month sold out in two days.

Overall Mattel’s best-performing models are the inclusive ones, the company said. No. 1 in 2020 came with a wheelchair.

Barbie’s “look” has long been criticized as unhealthy for young girls. Studies have tried to suss out whether it can lead to depression or eating disorders. In one assessment, researchers said a real women with the old Barbie’s proportions would have room for half a liver, justs a few inches of intestine and be unable to lift her head.

Dickson is hyper-aware that delving into these areas can be risky. Mattel tripped up in 2003, when the company introduced multiracial “Flava” dolls to compete with MGA Entertainment and that company’s popular Bratz for preteens. The line, which included accessories like a graffiti-covered brick wall and a boom box, was assailed for promoting harmful stereotypes. The dolls were discontinued within a year.

Efforts to take Barbie to a wider audience are now more thoughtful, Dickson said. Mattel has a “consumer insight organization” led by Ph.D.s in child development, as well as advisory boards that try to head off missteps before they happen.

“Barbie always performs best when she’s connected to culture,” Dickson said. “And 2020 obviously provided considerable opportunities to do so.”

SET nudges up but fails to break 1,500 #SootinClaimon.Com

Posted on February 25, 2021 by SoClaimon

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/30403065

SET nudges up but fails to break 1,500

EconFeb 25. 2021

By The Nation

The Stock Exchange of Thailand (SET) Index closed at 1,496.78 on Thursday, up 5.67 points or 0.38 per cent. Total transactions amounted to Bt124.12 billion with an index high of 1,511.30 and a low of 1,494.36.

In the morning session, a Krungsri Securities analyst expected the day’s index to rise to between 1,500 and 1,510 points after the US Federal Reserve signalled it would maintain its low interest rate, and the price of oil rose following a decline in US oil production.

“However, the index will face volatility due to the MSCI’s move to reduce its Thai stocks weighting by 0.01 per cent, and mass sell-offs to cut risks during the Makha Bucha holiday [Friday, Feb 26],” he said.

The 10 stocks with the highest trade value today were OR, STA, KBANK, PTT, CPALL, CPF, AOT, RCL, GULF and NER.

As of 4.30pm, the price of oil rose by US$0.43 or 0.68 per cent to $63.65 per barrel, while gold dropped by $7.80 or 0.43 per cent to $1,790.10 per ounce.

Other Asian indices were mixed:

Japan’s Nikkei Index closed at 30,168.27, up 496.57 points or 1.67 per cent.

China’s Shang Hai SE Composite Index closed at 3,585.05, up 20.97 points or 0.59 per cent, while Shenzhen SE Component Index closed at 14,828.80, down 41.86 points or 0.28 per cent.

Hong Kong’s Hang Seng Index closed at 30,074.17, up 355.93 points or 1.20 per cent.

South Korea’s KOSPI Index closed at 3,099.69, up 104.71 points or 3.50 per cent.

Taiwan’s TAIEX Index closed at 16,452.18, up 239.65 points or 1.48 per cent.

SET expected to rise today #SootinClaimon.Com

Posted on February 25, 2021 by SoClaimon

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/30403045

SET expected to rise today

EconFeb 25. 2021

By The Nation

The Stock Exchange of Thailand (SET) Index rose by 13.62 points, or 0.91 per cent, to 1,504.73 in the morning session on Thursday.

A Krungsri Securities analyst expected the day’s index to rise to between 1,500 and 1,510 points on signs by the US Federal Reserve that it would maintain its interest rate at a low level, and a rising oil price after US oil production witnessed a decline.

“However, the index would face volatility due to the MSCI’s move to reduce investment in Thai shares by 0.01 per cent and mass sell-offs of shares to prevent risks during the Makha Bucha holiday period,” he said.

He recommended investors buy:

▪︎ PTTEP, PTTGC, TOP and IVL, that benefit from the rising oil price.

▪︎ PSL, TTA and RCL, which would benefit from a rise in the freight rate.

▪︎ AOT, MINT, CENTEL, CPN, MAJOR and CRC, which benefit from positive news of a Covid-19 vaccine arriving in Thailand.

The SET Index closed at 1,491.11 on Wednesday, down 9.50 points, or 0.63 per cent. Total transactions amounted to Bt96.24 billion, with an index high of 1,507.78 points and a low of 1,485.94.

Gold price drops in opening trade #SootinClaimon.Com

Posted on February 25, 2021 by SoClaimon

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/30403044

Gold price drops in opening trade

EconFeb 25. 2021

By The Nation

The price of gold dropped by Bt100 per baht weight in morning trade on Thursday, the Gold Traders Association reported.

As of 9.26am, the buying price of a gold bar was Bt25,500 per baht weight and selling price Bt25,600, while gold ornaments cost Bt25,044.32 and Bt26,100, respectively.

At close on Wednesday, the buying price of a gold bar was Bt25,600 per baht weight and selling price Bt25,700, while gold ornaments cost Bt25,135.28 and Bt26,200, respectively.

The spot gold price moved to US$1,800 (Bt54,092) per ounce after falling by $8 to $1,797.90 on Wednesday due to mass sell-offs of the precious metal in response to Federal Reserve chairman Jerome Powell’s positive view on the US economy.

The Hong Kong gold price dropped by HK$80 to $16,650 (Bt64,518) per tael, the Chinese Gold and Silver Exchange Society reported.