Domestic gold prices opened sharply lower this morning, falling 700 baht per baht-weight, in line with a steep decline in global gold prices. The Gold Traders Association announced buying prices for gold bars at 64,600 baht per baht-weight and selling prices at 64,800 baht per baht-weight. For gold ornaments, buying prices were set at 63,308.16 baht per baht-weight and selling prices at 65,600 baht per baht-weight. Analysis from YLG Bullion International indicates that gold prices closed down 84.64 US dollars yesterday, as Middle East tensions pushed Brent crude oil to 100 US dollars per barrel for the first time since late May, fueling inflation concerns and supporting expectations that the US Federal Reserve may raise interest rates. The CME FedWatch Tool shows the market is pricing in an 83 percent probability of a Fed rate hike in September, up from 68 percent the previous day, which bolstered the US dollar and pressured gold prices.