Gold Price Hits New Record Again

Gold price hits new record again

BANGKOK, 3 March 2011 (NNT) – Domestic retail gold bullion price has made a new record again to stand at 20,600 baht per one-baht weight in selling rate while purchasing price stands at 20,500 baht per one-baht weight.

Gold Traders Association President Jitti Tangsitthibhakdi said the retail gold price on Wednesday increased by 150 baht, a new record high, while gold ornaments are bought at 20,208.28 bath per one-baht weight and sold at 21,000 baht.

According to Mr Jitti, the gold price in the world market currently reaches 1,434 US dollars per ounce. This apparently follows investors’ concerns over recent military maneuvers in South Korea and Japan, which might cause higher tension with North Korea.

The president continued that investors were putting more funds on gold in order to prevent inflation risks and play safe from the ongoing unrest incidents in the Middle East and Libya in particular.

Mr Jitti also noted that the current Thai baht depreciation at 30.56-30.58 baht against the US dollar has contributed to the rising domestic gold price as well.

Due to the gold price fluctuation at present, the president has warned all investors to make decision on their investments carefully as well as monitor news reports closely.

-- NNT 2011-03-03