Gold price remains unpredictable after Chinese New Year

BANGKOK, 8 February 2010 (NNT) – The gold price is still difficult to predict until after the Chinese New Year. However it will not climb up beyond 19,000 THB as it did in the previous quarter, says the Gold Traders Association President, Mr Jitti Tangsitpakdee.

Mr Jitti stated that the descending gold price in the American market will not have much impact on the domestic price quoted from Hong Kong market. The price forecast is almost impossible during this time due to several factors.

Speculators flocked to buy the precious metal before the market closure last Friday when the price plunged. This phenomenon had not been witnessed since the price jumped to a record high of 19,000 THB per baht weight. Mr Jitti believed that the record would not be repeated. The situation would continue to be rather volatile until Chinese New Year ends.

Today’s gold bullion is bought at 16,800 THB per baht weight and sold at 16,900 THB per baht weight while gold ornaments are being bought at 17,146 THB.