Gold continues steep slide as dollar strengthens
The price of gold in Thailand slumped by THB350 per baht weight in morning trade on Friday due to the strengthening dollar after the US Federal Reserve announced it had begun discussions on asset tapering and expected two interest rate hikes by the end of 2023.
Gold price dropped sharply for two consecutive days after falling by THB550 per baht weight at close on Thursday, the biggest drop in a month.
The Gold Traders Association report at 9.25am showed buying price of a gold bar at THB26,450 per baht weight and selling price at THB26,550, while gold ornaments were priced at THB25,969.08 and THB27,050, respectively.
At close on Thursday, the buying price of a gold bar was THB26,800 per baht weight and selling price at THB26,900, while gold ornaments were priced at THB26,317.76 and THB27,400, respectively.
Spot gold on Friday was US$1,783 (THB55,974) per ounce after Comex gold price on Thursday dropped by $86.6 to $1,774.8 per ounce.
Hong Kong gold price on Friday dropped by HK$270 to $16,460 (THB66,552) per tael, the Chinese Gold and Silver Exchange Society reported.
