InfoQuest (February 24, 2020) -- The Gold Traders Association announced that a baht (1 baht = 14.71046 grams) of gold ( 96.5 percent pure gold)) became 450 baht more expensive in domestic market, following gold spikes in overseas markets.
The buying and selling prices stood at 24,850.00/24,950.00 baht per baht weight for gold bars, and 24,407.60/25,450.00 baht for gold plates.
YLG Bullion International Co., Ltd. said the surge was mainly driven by two factors. First, the novel coronavirus (COVID-19) outbreak spurs safe-haven demand. U.S. stocks suffered from a sharp sell-off as investors shunned risk off. And the virus is spreading rapidly in China and beyond, especially in the Republic of Korea, where the number of infected people reached 556 and the death toll rose to four, more than doubling in one day compared with that on Saturday.
Several countries have also reported increases in the number of confirmed cases, such as Israel, Iran and Italy.
Second, the dollar weakened after IHS Markit released its preliminary reading of U.S. manufacturing and services PMI for February. The services PMI came in at 49.6, the lowest level in 76 months, and the U.S. business sector contracted for the first time since October 2013.
These factors pushed gold to its highest level in more than seven years last Friday, at 1,649.26 U.S. dollars an ounce. And gold rose another 2.2 percent on Monday morning to 1,679.70 U.S. dollars an ounce, its highest level since February 2013. The U.S. didn't release any economic data on February 24.
Source: InfoQuest, by Rachada Kongkhunthian/Sasithorn, translated by Xinhua Silk Road.
Notice: No person, organization and/or company shall disseminate or broadcast the above article on Xinhua Silk Road website without prior permission by Xinhua Silk Road.
A single purchase
