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Gold price slumps due to stronger dollar, rising US bond yield


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Gold price slumps due to stronger dollar, rising US bond yield

By The Nation

 

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The price of gold dropped by Bt100 per baht weight during the morning trade on Friday, the Gold Traders Association reported.

 

 

As of 9.26am, the buying price of gold bar was Bt28,150 per baht weight and selling price Bt28,250, while gold ornaments cost Bt27,636.68 and Bt28,750, respectively.

 

On Thursday's close, the buying price of a gold bar was Bt28,250 per baht weight and selling price Bt28,350, while gold ornaments cost Bt27,742.80 and Bt28,850, respectively.

 

The Comex (Commodity Exchange) gold price to be delivered in December dropped by US$24.9 or 1.29 per cent, closing at $1,904.6 (Bt59,621) per ounce on Thursday.

 

The price of gold has dropped sharply due to the strengthening dollar and rising US bond yields, which has cut down on investors’ interest in gold as a safe-haven asset.

 

Source: https://www.nationthailand.com/business/30396673?utm_source=homepage&utm_medium=internal_referral

 

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-- © Copyright The Nation Thailand 2020-10-24
 
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Just now, Chelseafan said:

 

Yeah, I hate these adjectives. You see it all the time, Pound "crashes" against dollar when in reality the pound has dropped 1 cent.

When the pound gets stronger its usually phrases like "pound edges upwards" rather than "pound rebounds against dollar"

 

 

 

 

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8 hours ago, a3tsw said:

Slumps , Drops Sharply ..Really!! ...-100Baht per Baht Weight is not even a ripple ..approx. -0.35%

Depends how much you are trading.

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23 minutes ago, Leaver said:

Depends how much you are trading.

No it doesn't. 100 baht drop in gold is not a newsworthy story not matter what amount you are trading. It will do this three times in an afternoon. 

Edited by sucit
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2 minutes ago, sucit said:

No it doesn't. 100 baht drop in gold is not a newsworthy story even if you are trading billions. 

Multiple "billions" by 100 baht and let me know what you come up with.  

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57 minutes ago, Chelseafan said:

 

You can say that about anything.

That's right.  Like I said, it may be only a move of 100 baht, but depending how much you are trading, it may be worthwhile to trade it. 

 

Currency traders do this with only small. increases or decreases in exchange rates.  Depends how much you are trading.  

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1 hour ago, Leaver said:

That's right.  Like I said, it may be only a move of 100 baht, but depending how much you are trading, it may be worthwhile to trade it. 

 

Currency traders do this with only small. increases or decreases in exchange rates.  Depends how much you are trading.  

 

The original point still stands however you want to look at it. "slump" is not the right word to descibe a small swing.

 

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