Gold Traders Association President Jitti Tangsithpakdi said that it is convincing that the gold price would hit US$2,000 per ounce late this year as expected by research houses, due to the poor economic outlook of advanced economies. At the price, domestic gold prices would rise to Bt29,000 per baht weight.
Last Friday, demand for physical gold bars skyrocketed. Gold shops had to issue tickets for pick-up in the following week.
“This is an unusual phenomenon. Though gold prices are expensive, gold shops have welcomed many clients. Surprisingly, the number of sellers is low,” he said.
Gold prices have hit repeated records. During the past two weeks, Gold Traders Association had to adjust domestic prices many times in a day to reflect the global movements. Nineteen adjustments in a day was now a record.
Today, at 1.47pm, gold prices are adjusted seven times with the combined increase of Bt600 per baht weight. Gold bar is sold at Bt26,800 per baht weight, while gold ornament at Bt27,200.
Source: The Nation