Gold's glitter fades as US reports strong economic data

[rooster59]

Gold's glitter fades as US reports strong economic data

By The Nation

 

 

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

 

 

As of 9.25am, the buying price of a gold bar was Bt27,950 per baht weight and selling price Bt28,050, while gold ornaments were priced at Bt27,439.60 and Bt28,550, respectively.

 

At close on Friday, the buying price of a gold bar was Bt28,050 per baht weight and selling price Bt28,150, while gold ornaments cost Bt27,545.72 and Bt28,650, respectively.

 

Comex (Commodity Exchange) gold price to be delivered in December dropped by US$2.5, or 0.13 per cent, closing at $1,906.4 (Bt59,487) per ounce on Friday. The precious metal price dropped by 1 per cent this week.

 

Gold price closed in negative territory due to strong US economic data, causing interest in gold as a safe-haven asset to fade.

 

Source: https://www.nationthailand.com/business/30396362

 

-- © Copyright The Nation Thailand 2020-10-18

 

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[Jack Mountain]

Economic data??? in election time is even less reliable as in other times ...

[kingdong]

18 minutes ago, Jack Mountain said:

Economic data??? in election time is even less reliable as in other times ...

all that glitters is not gold.

[Taxi]

Stupid headline down 100 baht.

 

How about Gold set to soar on trillions of new US debt in 2020.  Who writes this rubbish and why?

[Surelynot]

6 hours ago, kingdong said:

all that glitters is not gold.

Glisters

[natway09]

The person who wrote this rubbish actually believes what they wrote ?

World economies are struggling along with the US that will be Trillions in debt after supporting their countries people,  many who have lost their jobs since April & the way they are handling the pandemic leaves little doubt that the worst is not over

[Brunolem]

Strong economic data indeed, with a $ 3.1 trillion deficit for this year only, and more to come next year!

 

US official economic data is as reliable as China's...they just take into account the positive numbers and forget the negative ones...

 

[John CS]

1 hour ago, Surelynot said:

Glisters

Glistens ?

[Surelynot]

3 minutes ago, John CS said:

Glistens ?

The quote "All that glisters is not gold" is from Shakespeare's The Merchant of Venice.

[John CS]

1 hour ago, natway09 said:

The person who wrote this rubbish actually believes what they wrote ?

World economies are struggling along with the US that will be Trillions in debt after supporting their countries people,  many who have lost their jobs since April & the way they are handling the pandemic leaves little doubt that the worst is not over

Yes there is some way to go , & this headline is irrelevant to state at this moment?? I would still consider Gold for core investment over the next few years, I expect the dollar will be devalued next year & maybe gold re-evaluated the following year. There is simply too much debt 97% of US GDP & this is a clear  argument of failure of Central Banking System, the major institutions have yet to re-uptake invest in Gold , once this happens next year it will move beyond 2500USD/oz

[Scott Tracy]

4 hours ago, John CS said:

Yes there is some way to go , & this headline is irrelevant to state at this moment?? I would still consider Gold for core investment over the next few years, I expect the dollar will be devalued next year & maybe gold re-evaluated the following year. There is simply too much debt 97% of US GDP & this is a clear  argument of failure of Central Banking System, the major institutions have yet to re-uptake invest in Gold , once this happens next year it will move beyond 2500USD/oz

And you're willing to bet your house on this prediction?

[IAMHERE]

7 hours ago, Taxi said:

Stupid headline down 100 baht.

 

How about Gold set to soar on trillions of new US debt in 2020.  Who writes this rubbish and why?

Doesn't debt of other nations affect the price of gold? 

[Brunolem]

35 minutes ago, IAMHERE said:

Doesn't debt of other nations affect the price of gold? 

Not much.

 

What mostly affects gold price is the risk of inflation, which itself is linked to the quantity of money created.

 

Gold went up during the second quarter because of the trillions of dollars and other currencies that were created out of thin air.

 

Expect more of the same "remedy" in the coming months...