Gold slumps on Friday morning
The price of gold dropped by THB100 in morning trade on Friday.
A 9.24am report from the Gold Traders Association showed the buying price of gold bar at THB28,750 per baht weight and selling price at THB28,850, while the buying and selling price of gold ornaments is THB28,227.92 and THB29,350, respectively.
At close on Thursday, the buying price of gold bar was THB28,850 per baht weight and selling price THB28,950, while gold ornaments were THB28,334.04 and THB29,450, respectively.
The spot gold price on Friday morning was moving around US$1,859 (THB60,949) per ounce after Comex gold at close on Thursday surged by $15.6 to $1,863.9 per ounce as it continues to be driven by the support in buying gold as a hedge against inflation after the US Consumer Price Index (CPI) rose to its highest level in more than 30 years.
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The price of gold in Hong Kong, meanwhile, crashed by HK$200 to $17,260 (THB72,592) per tael, the Chinese Gold and Silver Exchange Society reported.
