Gold steady at B20,750
Bangkok-Thailand (Mar 19) Gold prices were unchanged at 20,750 baht per baht-weight in Bangkok on Saturday. The Gold Traders Association announced the buying price at 20,650 baht and the selling price at 20,750 baht per baht-weight for bullion.
For ornaments, the buying and selling prices were 20,344.72 baht and 21,150 baht per baht-weight respectively.
The prices were adjusted three times on Friday, for a total loss of 100 baht per baht-weight from the previous day.
Bloomberg reported from Singapore on Friday gold headed for a weekly gain as the dollar dropped after the US Federal Reserve dialled back forecasts for interest rate increases this year, igniting a commodities rebound.
Bullion for immediate delivery climbed 0.4% to $1,262.97 an ounce by 10.52am in Singapore, according to Bloomberg generic pricing. The metal is 1.1% higher this week and up 19% for the year.
Traders are pricing in a slower tightening path in the U.S. amid mounting concern over global economic growth. Dovish Fed comments on Wednesday bolstered appetite for riskier assets, sending stocks and commodities higher while an index of the dollar had its largest two-day decline since 2009 on Thursday. A weaker greenback boosts the appeal of precious metals as an alternative asset.
“In an environment where the dollar continues to be on the weak side, at least in the very short term, let’s talk about a week or two, there’s maybe room to touch the $1,310 level from a technical perspective,” Dominic Schnider, the head of commodities and Asia-Pacific foreign exchange at UBS Group AG’s wealth-management unit in Hong Kong, said Friday in a Bloomberg Television interview.
Holdings in exchange-traded funds backed by gold rose 3.3 tonnes to 1,741.6 tonnes on Thursday, the highest level since April 2014, according to data compiled by