BANGKOK, Dec 23 – The price of gold price will continue to be on the downtrend next year, predictably moving at from US$1,175-1,450 per ounce or Bt18,000-22,500 per baht weight, a leading gold trader said today.
Chitti Tangsitthipakdi, president of the Gold Traders Association, said gold price should reach its peak in February – the deadline for US debt ceiling expansion — which will psychologically contribute to price speculations.
He said investors who bought gold at exorbitant prices should cut their losses for reinvestment.
Mr Chitti said it is improbable that gold price in overseas markets will plunge to US$1,050 per ounce, reasoning that the capital price is at US$1,100-1,200 per ounce.
Recommending short-term investment, he said it is rather impossible that the gold price will surge to its previous peak at US$1,920 per ounce or Bt27,100 per baht weight unless there is a war or act of terrorism.
Tanarat Pasawong, chief executive officer of Hua Seng Heng Gold Futures, predicted a downward trend for the price of gold which he said should move at around US$1,050-1,530 per ounce given the US action on quantitative easing.
Gold prices should surge back in 2015 when the global interest rate moves up, he said.
The baht depreciation also has an impact on domestic gold price, he said, adding that the Thai currency weakened 3 per cent this year and will continue to depreciate next year.
The gold price can possibly plummet to its lowest at Bt17,500 per baht weight, he said.
