Gold prices in Bangkok were unchanged on Saturday morning.

The Gold Traders Association announced the buying price at 19,100 baht and the selling price at 19,200 baht per baht-weight for bullion.

For ornaments, the buying and selling prices were 18,752.92 baht and 19,700 baht per baht-weight respectively.

The prices rose a net 50 baht on Friday from the previous day.

Elsewhere, gold slipped on Friday as the dollar regained some ground on the back of strong US jobs data, but the metal was on track for a fifth week of gains, according to Reuters.

Spot gold was down 0.1% at $1,231.61 per ounce by 1512 GMT. US gold futures were down 0.4% at $1,233.50 per ounce.

The dollar pared losses after data showed US job growth rebounded sharply in October and wages recorded their largest annual gain in 9½ years.

“Strong data helped the dollar, which put some pressure on gold. The fact that the data is strong despite storm-related disruptions, suggests the economy is humming along strongly and that the Fed will continue to hike interest rates,” said Tai Wong, head of metals trading at BMO.

Gold is sensitive to higher US interest rates, which increase the opportunity cost of holding non-yielding bullion while boosting the dollar, in which it is priced.

“Given the fact that we had a very strong rally yesterday, we are going to struggle towards the $1,240-$1,245 highs off this move unless we get a sustained downward movement on the dollar,” Mr Wong said.

Gold jumped about 1.5% in the previous session as the dollar retreated sharply from a 16-month high.

World shares rallied on hopes that the US and China were starting to repair their damaged trade relations.

“People who would generally buy gold out of fear as a safe haven are lightening up on it now. There’s less of a reason to own it under that fear gauge,” said Michael Matousek, head trader at US Global Investors.

Attention is now turning to the US congressional elections on Tuesday, which will determine whether the Republican or Democratic party controls Congress, with some predicting increased market volatility on the outcome.

“The return of risk appetite could be a bearish sign for gold, given how it’s benefited from its safe-haven status as of late,” Craig Erlam, senior market analyst at OANDA in London, said in a note.

“That said, if this is accompanied by real progress on Brexit and Italy, and improved sentiment towards those currencies on the back of it, then a weaker dollar could give gold another lift and keep it elevated.”

Meanwhile, holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose to their highest since late August on Thursday.

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