The Gold Traders Association at 16.17pm announced its eighth price adjustment on Friday with the buying prices set 23,361.56 baht per baht-weight for gold ornaments and 23,700 baht per baht-weight for gold bar.
The selling prices were set at 24,200 baht per baht-weight for gold ornaments, and 23,800 baht per baht-weight for gold bar.
The price was adjusted down five times and raised three times. At the end, the price was down 500 baht from Thursday’s close.
The buying prices on Thursday closed at 23,846.68 baht per baht-weight for gold ornaments and 24,200 baht per baht-weight for gold bar.
The selling prices closed at 24,700 baht per baht-weight for gold ornaments, and 24,300 baht per baht-weight for gold bar.
Jitti Tangsithpakdi, president of the Gold Traders Association, said the gold price dropped in line with the trend in the global market. Investors had no confidence in US monetary policy as they were afraid that the US Federal Reserve may increase interest rates quicker than expected after the US Congress passed legislation solving its “fiscal cliff” issue.