ID :
176109
Mon, 04/18/2011 - 11:12
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Shortlink :
http://m.oananews.org//node/176109
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Thailand's gold prices hit record high
BANGKOK, April 18 (TNA) - Gold prices in Thailand broke their record high Monday morning, as the domestic market officially resumed following an extra-long Songkran holiday last week.
Jitti Tangsitphakdi, President of the Gold Traders Association of Thailand, acknowledged that the buying and selling prices of gold ornaments soared to 20,738.88 and 21,550 baht per one-baht weight respectively once the domestic market re-opened on Monday; while the buying and selling prices of gold bars surged to 21,050 and 21,150 baht per one-baht weight respectively, all standing at never seen before heights.
Jitti attributed the country's new gold price hike mainly to, the weakening US dollar, which now sits around 30.15 bah tin value, bringing up the prices in Thailand, despite the commodity dropping in value globally to around 1,480 US dollars per ounce.
According to the chief of the country's Gold Traders Association, world gold prices could further climb in the short-term, boosted by speculative hedge funds, but that they would not reach the 1,500 US dollars per ounce benchmark. For this reason, he then, suggested local investors that they should focus on short-term gold trade and investment to avoid a possible loss in a longer period. (TNA)
Jitti Tangsitphakdi, President of the Gold Traders Association of Thailand, acknowledged that the buying and selling prices of gold ornaments soared to 20,738.88 and 21,550 baht per one-baht weight respectively once the domestic market re-opened on Monday; while the buying and selling prices of gold bars surged to 21,050 and 21,150 baht per one-baht weight respectively, all standing at never seen before heights.
Jitti attributed the country's new gold price hike mainly to, the weakening US dollar, which now sits around 30.15 bah tin value, bringing up the prices in Thailand, despite the commodity dropping in value globally to around 1,480 US dollars per ounce.
According to the chief of the country's Gold Traders Association, world gold prices could further climb in the short-term, boosted by speculative hedge funds, but that they would not reach the 1,500 US dollars per ounce benchmark. For this reason, he then, suggested local investors that they should focus on short-term gold trade and investment to avoid a possible loss in a longer period. (TNA)
