Fund Launched As Gold Hits New Record High

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