Gold Price Sentiment Index rises 2nd consecutive month in January

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Gold Price Sentiment Index rises 2nd consecutive month in January
By Digital Content



BANGKOK, Jan 12 -- The Gold Price Sentiment Index continued to increase for the second consecutive month in January and the domestic gold price is expected to range from Bt16,800 to Bt20,500 per baht weight in the first half of this year.

Kamoltun Pornphaisarnvichit, director of the Gold Research Centre, said the global gold price in January 2015 should be close to the figure in the previous month at US$1,120-1,240 an ounce and the local price should range from Bt17,000-Bt19,500 per baht weight.

In January the Gold Price Sentiment Index rose for the second consecutive month to 58.33 points.

The above 50 index showed the possibility of profits from the gold price this month because the baht depreciated, the public demanded gold for important festivals early this year, Indians celebrated weddings, and investors might avoid economic uncertainty and move their funds from stock markets to gold, Mr Kamoltun said.

However, negative factors existing for the gold price included the US interest rate that was likely to increase and the crude oil price that was declining, he said.

The Gold Price Sentiment Index for the next three months will drop to 47.87 points as investors and gold traders are concerned about the possible increase of the US interest rate.

In the first half of this year the gold price should increase because investors were moving to gold from equity markets that had expanded for two years, Mr Kamoltun said.

In the first six months, the global gold price should move between US$1,050-1,350 per ounce and the domestic price should range from Bt16,800- Bt20,500 per baht weight at the exchange rate of Bt33 per US dollar, Mr Kamoltun said. (MCOT online news)

-- TNA 2015-01-12