Gold rides a wave crest in opening trade
The price of gold surged by THB250 in morning trade on Wednesday.
A Gold Traders Association report at 9.25am said the buying price of a gold bar was THB28,050 per baht weight and selling price THB28,150, while gold ornaments cost THB27,545.72 and THB28,650, respectively.
At close on Tuesday, the buying price of a gold bar was THB27,800 per baht weight and selling price THB27,900, while gold ornaments cost THB27,303.16 and THB28,400, respectively.
The spot gold price on Wednesday morning hovered around US$1,777 (THB59,422) per ounce after Comex gold at close on Tuesday rose sharply by $14.40 to $1,778.20 per ounce due to support in buying gold as a safe-haven asset amid concerns about the debt crisis surrounding China’s Evergrande Group, in addition to the depreciation of the dollar, which is also a factor supporting the rise in gold prices.
Investors are also keeping an eye on results of a key US Federal Reserve meeting on Thursday, which in the meanwhile is expected to affect the movement of gold prices.
