Gold prices were unchanged at 21,950 baht per baht-weight in A A Bangkok on Saturday. The Gold Traders Association announced the buying price at 21,850 baht and the selling price at 21,950 baht per baht weight for bullion. For ornaments, the buying and selling prices were 21,451.40 baht and 22,450 baht per baht-weight respectively. The local prices changed twice on Friday for a net gain of 50 baht from the previous day. Bloomberg reported from singapore and New York on Saturday that the precious was heading for the biggest weekly advance since July after US central bankers opted to leave interest rates unchanged while reining in their outlook for future increases. Investors added 6.3 tonnes to exchanged traded funds backed by gold this week through Thursday, data compiled by Bloomberg show.
Bullion has awakened from a slumber after Fed rate concerns had helped wipe out gains for the quarter. Money is pouring back in as low borrowing costs in the US and economic stimulus by central banks from Japan to Europe drive demand for the precious metal as a store of value.