gold price has hit record high

BANGKOK, 20 June 2011 – Domestic retail gold bullion price has hit
another record high ,selling at 22,300 baht per one-baht(15.2 gram)
weight while the purchasing price stands at 22,200 baht per one-baht
weight.
Gold Traders Association President Jitti Tangsitthibhakdi said the retail
gold price on Monday increased by 50 baht. Gold ornaments are bought
at 21875.88 baht and sold at 22,700 baht per one-baht weight.
Mr Jitti reasoned that the rising gold price today resulted from the Thai
baht depreciation. He pointed out that the price of gold in the world
market currently hovers around 1,510-1,540 US dollars per ounce and is
likely to touch 1600 US dollars per ounce in the third quarter of 2011.
As a result, the domestic gold bar price will poblaby move up to 23,000
baht per one-baht weight in the third quarter following the positive
movement of the global price and the continuously weakening Thai baht.
Investors are hence warned to invest in gold carefully.