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Bangkok Post

Business

Gold prices tumble as dollar gains against euro

Gold Euro United States

Bars of gold are arranged for a photograph at the headquarters of YLG Bullion International in Bangkok.

The domestic gold price was down 300 baht to 30,250 baht on Wednesday, while spot gold stood at US$1,772 an ounce, a six-month low.

Gold prices tumbled as the dollar appreciated against the euro to its highest level in more than two years, sparking a heavy selloff amid concerns that the Federal Reserve will implement more aggressive rate hikes to beat inflation, a move that could significantly slow global economic growth.

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