Thai Gold Sinks as Global Prices Plummet to $4,110 an Ounce

Global gold prices plunged nearly 4% to $4,110.55 an ounce on Monday, September 28, causing Thai gold to slide around 1,700 baht.

The sharp decline was triggered by rising oil prices, which jumped around 3-4%, as well as higher US Treasury yields and a stronger dollar.

The combination of these factors put pressure on gold, which does not pay interest. Markets were pricing in about a 94% probability of another Fed rate increase in December.

Thai gold prices followed the global trend, with 96.5% gold bullion opening down 850 baht and closing at around 66,150 baht per baht-weight.