Gold price slumps due to stronger dollar, rising US bond yield

[rooster59]

Gold price slumps due to stronger dollar, rising US bond yield

By The Nation

 

 

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

 

 

As of 9.26am, the buying price of gold bar was Bt28,150 per baht weight and selling price Bt28,250, while gold ornaments cost Bt27,636.68 and Bt28,750, respectively.

 

On Thursday's close, the buying price of a gold bar was Bt28,250 per baht weight and selling price Bt28,350, while gold ornaments cost Bt27,742.80 and Bt28,850, respectively.

 

The Comex (Commodity Exchange) gold price to be delivered in December dropped by US$24.9 or 1.29 per cent, closing at $1,904.6 (Bt59,621) per ounce on Thursday.

 

The price of gold has dropped sharply due to the strengthening dollar and rising US bond yields, which has cut down on investors’ interest in gold as a safe-haven asset.

 

Source: https://www.nationthailand.com/business/30396673?utm_source=homepage&utm_medium=internal_referral

 

-- © Copyright The Nation Thailand 2020-10-24

 

- Whatever you're going through, the Samaritans are here for you

- Follow Thaivisa on LINE for breaking COVID-19 updates

[baansgr]

That's a relief, it's teeraks birthday next week

[a3tsw]

Slumps , Drops Sharply ..Really!! ...-100Baht per Baht Weight is not even a ripple ..approx. -0.35%

[1Gringo]

and the exchange rate for the dollar hasn't moved a sou in at least 2 weeks, so is this 'made-up' news?

[hotchilli]

7 hours ago, rooster59 said:

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

I can hear the cries up the road at the pawn shop from my home.

[Chelseafan]

Just now, Chelseafan said:

 

Yeah, I hate these adjectives. You see it all the time, Pound "crashes" against dollar when in reality the pound has dropped 1 cent.

When the pound gets stronger its usually phrases like "pound edges upwards" rather than "pound rebounds against dollar"

 

 

 

 

[Isaan sailor]

Wow!  So even gold buyers in Thailand will cheer the USD rise.  Wake me up when that happens.   Zzzzzzz.

[worgeordie]

Another headline that does not live up to the content

regards worgeordie

[Scott Tracy]

Slump: undergo a sudden severe or prolonged fall in price, value, or amount.

 

A fall of 100 baht in a day is hardly a slump. 

 

I do wish journalists would not exaggerate or dramatise. Just report the news, as it is without superlatives or hyperbole where they have no place.

[Leaver]

8 hours ago, a3tsw said:

Slumps , Drops Sharply ..Really!! ...-100Baht per Baht Weight is not even a ripple ..approx. -0.35%

Depends how much you are trading.

[sucit]

23 minutes ago, Leaver said:

Depends how much you are trading.

No it doesn't. 100 baht drop in gold is not a newsworthy story not matter what amount you are trading. It will do this three times in an afternoon. 

Edited October 24, 2020 by sucit

[Leaver]

2 minutes ago, sucit said:

No it doesn't. 100 baht drop in gold is not a newsworthy story even if you are trading billions. 

Multiple "billions" by 100 baht and let me know what you come up with.  

[Chelseafan]

28 minutes ago, Leaver said:

Multiple "billions" by 100 baht and let me know what you come up with.  

 

You can say that about anything.

[Leaver]

57 minutes ago, Chelseafan said:

 

You can say that about anything.

That's right.  Like I said, it may be only a move of 100 baht, but depending how much you are trading, it may be worthwhile to trade it. 

 

Currency traders do this with only small. increases or decreases in exchange rates.  Depends how much you are trading.  

[Chelseafan]

1 hour ago, Leaver said:

That's right.  Like I said, it may be only a move of 100 baht, but depending how much you are trading, it may be worthwhile to trade it. 

 

Currency traders do this with only small. increases or decreases in exchange rates.  Depends how much you are trading.  

 

The original point still stands however you want to look at it. "slump" is not the right word to descibe a small swing.

 

[Leaver]

2 minutes ago, Chelseafan said:

 

The original point still stands however you want to look at it. "slump" is not the right word to descibe a small swing.

 

I didn't quote the OP, and I didn't use the word "slump."  

 

I simply suggested, a move of 100 baht can be significant, depending on how much is traded.  

[topt]

1 hour ago, Leaver said:

I didn't quote the OP, and I didn't use the word "slump."  

 

I simply suggested, a move of 100 baht can be significant, depending on how much is traded.  

No you didn't and yes you did.

Some may say disingenuous............As a minimum don't you think you are being deliberately contrarian considering every other poster is basically saying the same thing linked to the headline.............

 

[Leaver]

15 hours ago, topt said:

No you didn't and yes you did.

Quote please.

 

15 hours ago, topt said:

As a minimum don't you think you are being deliberately contrarian considering every other poster is basically saying the same thing linked to the headline.............

No.

 

Move one ton of gold and tell me how many 100 baht's that is, then tell me that figure is insignificant.   

[topt]

1 hour ago, Leaver said:

Quote please.

 

No.

 

Move one ton of gold and tell me how many 100 baht's that is, then tell me that figure is insignificant.   

Quote - Sorry that should have been no to both as I agreed.

However your second comment IMO is pure deflection and not what was being discussed by others. 

[Airalee]

1 hour ago, Leaver said:

Quote please.

 

No.

 

Move one ton of gold and tell me how many 100 baht's that is, then tell me that figure is insignificant.   

You suggested “billions” of baht weight in gold.  
 

Being that the US government only holds about 550 million baht weight in reserves, I have to agree with the other posters that 100 baht is hardly a rounding error of a move.

[Leaver]

41 minutes ago, topt said:

Quote - Sorry that should have been no to both as I agreed.

However your second comment IMO is pure deflection and not what was being discussed by others. 

Did you work out how many 100 baht's in 1 ton of gold?  

[Leaver]

19 minutes ago, Airalee said:

You suggested “billions” of baht weight in gold.  
 

Being that the US government only holds about 550 million baht weight in reserves, I have to agree with the other posters that 100 baht is hardly a rounding error of a move.

You trade "billions" worth of gold and that's a lot of 100 baht's.  Right?  

[Airalee]

6 minutes ago, Leaver said:

You trade "billions" worth of gold and that's a lot of 100 baht's.  Right?  

You referred to “billions” as a measure of weight.  

You’ve already lost the debate.  Quit while you’re behind...you’re just making a fool out yourself now.
 

 

[Barnabe]

Be wary of 10 baht moves if you’re 10 trading tons or more, or 1 baht moves if you’re trading 100 tons.

[Leaver]

3 hours ago, Airalee said:

You referred to “billions” as a measure of weight.  

No. Billions in term of baht or dollars.  

 

3 hours ago, Airalee said:

You’ve already lost the debate.

There are no winners or losers.  It's just a debate. 

 

3 hours ago, Airalee said:

Quit while you’re behind...you’re just making a fool out yourself now.

Against someone with such a narrow mind, I have already won.  ????

 

Same question.

 

If I am trading 1 ton of gold, how many 100 baht's is that, and is it a significant amount of money?  Simple question.   

[Airalee]

3 minutes ago, Leaver said:

No. Billions in term of baht or dollars.  

 

There are no winners or losers.  It's just a debate. 

 

Against someone with such a narrow mind, I have already won.  ????

 

Same question.

 

If I am trading 1 ton of gold, how many 100 baht's is that, and is it a significant amount of money?  Simple question.   

Sorry...you’re being disingenuous.  Your original statement was not multiplying “baht or dollars” times 100.  Besides...the buy sell spread is 100 baht.

https://checkprice.huasengheng.com

 

And “baht” is not never pluralized.

[Leaver]

19 minutes ago, Airalee said:

Sorry...you’re being disingenuous.  Your original statement was not multiplying “baht or dollars” times 100.  Besides...the buy sell spread is 100 baht.

https://checkprice.huasengheng.com

 

And “baht” is not never pluralized.

Did you think I was talking about selling a neckless?  of course I was talking about "billions" of baht or dollars.   ????

 

I used the "baht's" term to describe how many 100 baht's would be in a BIG trade of gold.  

 

Once again, how many 100 baht's would there be in the trade of 1 ton of gold?