2010 gold price to not exceed 19,000 THB/baht weight

BANGKOK, 8 January 2010 (NNT) – The gold price this year is expected to be below 19,000 THB per one-baht weight due to the depreciation of the US dollar.

Gold Traders Association President, Jitti Tangsitthibhakdi, said the gold price would not touch 20,000 THB per one-baht weight and the first half of this year would see the price of not exceeding 19,000 THB per one-baht weight.

The president said he believed that the internal political stalemate would not affect prices and sales of gold in Thailand. He explained that factors influencing the domestic gold price would come from powerful countries such as the US and the UK.

Mr Jitti added that short-term investors waiting to sell their gold at 20,000 THB per one-baht weight might not be able to do so since the gold price was unlikely to be that high this year. He said the price of 19,000 THB per one-baht weight was satisfactory enough.

The president continued to say that the gold price had been rocketing these few days. The gold price ascended from 1,070 USD per ounce in December 2009 to 1,130 USD per ounce at present.