Gold price to go up to 20,150 THB this year

BANGKOK, 4 January 2011 (NNT) – A gold expert has predicted that the gold prices will continue to go up to touch 20,150 baht per one-baht weight within this year.

Gold Traders Association President Jitti Tangsithpakdi stated that the prices of gold would continue to break new records this year but would not go over 1,500 US dollars per ounce. As the US and European economies have already passed their lowest points and are now recovering, he said the gold prices would increase in the first half of 2011 but at a slower pace than in the past two years.

Mr Jitti forecasted that the gold prices in Thailand would surpass 20,150 baht and fluctuate within a range of 400-500 baht per day, allowing speculators to make profits out of the price increase.

The President anticipated a bright outlook for the gold business in Thailand, thanks to the general election to take place this year, in combination with the increases in minimum wages and salaries of civil servants and local district administrators.