BANGKOK – The price of Gold plunged 550 baht today on the opening of the morning trade in Bangkok, following last night’s tumbling in the New York market.
In New York, the price tumbled on Tuesday to its lowest level since the Brexit crisis as a bullish dollar made greenback-denominated precious metals more expensive for foreign buyers, the Economic Calendar reported.
Gold for December deliveryÂ fell $42.20, or 3.2%, to $1,270.50 a troy ounce, its lowest settlement on the Comex division of the New York Mercantile Exchange since the June 23 Brexit vote.
In percentage terms, Tuesdayâ€™s decline was the biggest since late 2013, according to MarketWatch.
The precious metalÂ decline was driven in part by the autumn resurgence of the dollar, reflecting the gradual improvement of the U.S. economy. The dollar gained 1.2% Tuesday to Â¥102.89, its highest level since Sept. 5.
The action came a day after a strong U.S. economic report and on a day when Federal Reserve Bank of Cleveland President Loretta MesterÂ reiterated her call for a December rate increase.
Gold prices are up nearly 21% this year.
In Bangkok the Gold Traders Association announced the buying prices at 20,526.64 baht per baht-weight for gold ornaments and 20,900 baht per baht-weight for gold bullion.
The selling prices were set at 21,500 baht per baht-weight for gold ornaments, and 21,000 baht per baht-weight for gold bullion
The prices fell 550 baht from yesterdayâ€™s close.
The buying prices yesterday closed at 21,057.24 baht for gold ornaments and 21,450 baht for gold bullion.
The selling prices closed at 22,050 baht for gold ornaments, and 21,550 baht for gold bullion.