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GOLD

Fund launched as gold hits new record high

By The Nation

Krung Thai Asset Management Co Ltd will launch KTAM World Gold and Precious Equity Fund (KT-Precious) during November 10-17, aiming to invest over 80 per cent of its net asset value in Franklin Gold and Precious Metals Fund.

The US-based Franklin Gold and Precious Metals Fund, with up to US$600 billion under its management, invests in equity securtiies of worldwide companies exploring, refining and processing gold and precious metals including platinum, paladium and silver.

Gold today climbed to a record on concern that some European governments may struggle to raise funds, boosting demand for the metal as a haven. In Seoul, immediate-delivery gold gained as much as 0.3 per cent to $1,413.47 an ounce, and traded at $1,410.80 at 2.17 pm. The December-delivery contract also climbed to an all-time high of $1,413.30 an ounce on the Comex in New York.

Range Resources Ltd., an Australian gold producer, said the metal may rise to $1,500 an ounce early next year.

Local gold prices also hit a new record high. As of 1.29pm, gold bar is sold at Bt19,750 per baht weight, while gold ornament costs Bt20,150.

-- The Nation 2010-11-09