BANGKOK, Dec 2 — The Gold Traders Association announced that the gold price this morning increased by Bt400 from yesterday’s closing price.
The buying and selling prices are Bt18,650 and Bt18,750 respectively per baht weight of gold bar, while buying and selling prices are Bt18,373.92 and Bt19,150 per baht weight for gold ornaments.
Thanarat Possawong, managing director of Hua Seng Heng Gold Futures Co, said the global gold price peaked at US$1,220 an ounce this morning and made a new high for five weeks. Later it fell to $14 to $1,206 an ounce.
He said that investors were moving from yen to gold as Moody’s Investors Service downgraded Japan’s credit rating due to financial problems.
The global gold price is expected to move between $1,195 and $1,220 an ounce.
However, the factor is temporary and the gold price continues to fluctuate.
Mr Thanarat does not think that it has been in an upward trend. He advised investors to monitor the United States–as it is likely to raise its repurchase rate next year–and the economic problems of Europe and Japan where economic stimulus measures will remain necessary.
He advised limiting investments in gold to 10-15 per cent of the total portfolio.
