Gold prices dive on rumour

Gold prices were heavily down on a rumour that central banks in many countries would lower their gold holdings, Gold Traders Association president Jitti Tangsithpakdi said on Thursday.

Mr Jitti said gold prices were down as much as 550 baht per baht-weight on Wednesday’s close. The gold price stood at US$1,560 per ounce this morning.

The Gold Traders Association this morning announced buying prices of 21,724.28 baht per baht-weight for  gold adornaments and 22,050 baht per baht-weight for gold ingots.

The selling prices were set at 22,550 baht per baht-weight for gold adornaments, and 22,150 baht per baht-weight for gold bars.

Jitti Tangsithpakdi (Photo by Somchai Poomlard)

Buying prices on Wednesday closed at 22,270.04 baht per baht-weight for gold ornaments and 22,600 baht per baht-weight for gold bar.

The selling prices closed at 23,100 baht per baht-weight for gold ornaments, and 22,700 baht per baht-weight for gold bar.

The rumour, believed to have come from a gold investment fund expecting to profit from the fluctuation, had prompted investors to sell off gold, Mr Jitti said.

He projected that gold prices would face a line of resistance, a technical barrier preventing prices falling further, at $1,545 per ounce.

If gold prices fell through this line, they could further dive to $1,500 per ounce, or below 22,000 baht per baht-weight, he said.

Mr Jitti said he was confident gold prices would not fall to 20,000 baht per baht-weight, as they had already sharply dropped over the past months.

Gold prices were down as much as 2,150 baht per baht-weight since the beginning of the year, he said.

At 1.42pm, the Gold Traders Association announced buying prices of 21,830.40 baht per baht-weight for gold ornaments and 22,150 baht per baht-weight for gold bar.

The selling prices were set at 22,650 baht per baht-weight for gold ornaments, and 22,250 baht per baht-weight for gold bar.

The gold prices were up by 100 baht per baht-weight from this morning’s opening prices.

Prices again dropped by 50 baht in late afternoon trading.

At 3.32pm, the association announced buying prices of 21,784.92 baht per baht-weight for gold ornaments and 22,100 baht per baht-weight for gold bar.

The selling prices were set at 22,600 baht per baht-weight for gold ornaments, and 22,200 baht per baht-weight for gold bar.

Related search: gold price, thailand gold prices

About the author

columnist
Writer: Online Reporters
Position: Online Reporters