|
Local gold prices likely to surpass 10,000 bt early next year
BANGKOK, Nov 28 (TNA) – Local gold prices are very likely to surpass 10,000 baht per one baht (15.16 gram) early next year since hedge funds have shifted their speculation from the forward market of oil to the gold market, according to an industry executive.
Jitti Tangsithipakdi, President of the Gold Trade Association, said the speculation shift had edge up gold prices uninterruptedly close to US$500 per ounce at present.
It resulted in local gold prices increasing 100-200 baht per day on average to 9,850 baht per one baht at current. It is very likely the prices would rise above 10,000 baht early next year.
He said the continued rise in the gold prices had lessened people’s purchasing power of the product on the eve of the New Year festival in which gold trading is active every year.
He projected the sale of gold in the New Year celebration period would drop by 20 per cent due to the upward gold price adjustment. (TNA)
|