Gold price plunges on Europe fears

Business > Economics

Published: 27/09/2011 at 02:41 AM
Newspaper section: Business

The domestic gold price fell by as much as 1,300 baht yesterday to 24,000 baht per one-baht weight (15.16 grammes) on volatile trade with over 10 adjustments, as traders noted the price is likely to fall further on European debt crisis concerns.

Bargain hunters throng a gold shop in the Yaowarat area yesterday. The gold price plunged, but experts cautioned buyers to beware of volatility in the short term. TAWEECHAI TAWATPAKORN

The local price moved in line with the global market as gold nosedived by as much as US$100 an ounce yesterday to a low of $1,536, prompting investors to rush to gold shops as the price fell, said Jitti Tangsithpakdi, president of the Gold Traders Association.

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About the author

: Writer: Nareerat Wiriyapong; Position: Business Reporter

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drake
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Discussion 1 : 27/09/2011 at 01:24 PM1
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Isn't gold suppose to be THE stable hedge against economic slump and that's why people hoards it ?
Isn't it suppose to keep going up as the global economy tanks ?

How is that 19 tonnes the Central Bank bought at $1500+ back in June doin ?
Are they going to sell off the lot and take whatever profit that's left in it or watch the whole thing goes under like Rhodium did in 2008 and lose their shorts big time ?

Wait, it's not their shorts, it's the country's reserve.
Wonder who's getting the brokerage commission on the lot ?
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Gold price plunges on Europe fears | Bangkok Post: business