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Thai gold prices may hit new high soon  Bangkok Post: 15 Feb 2009


Gold Traders' Association president Chitti Tangsitthipakdi on Sunday predicted that gold prices in the country may hit a new high within a month.

The fluctuation of gold prices has reduced, and a gold ornament of 15.2 grams is valued at around 15,000 baht while the gold price in the global market is about 952 US dollars a troy ounce, Mr Chitti said.

However, he believed local gold prices could break new record in a month because they had previously been raised by 1,000 baht per 15.2 grams of gold ornament in just 20 days.

Mr Chitt also asked the government to manage the exchange rate at a proper level because it also affects the gold prices. The exchange rate may cause fluctuations in local gold prices only, he noted.
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Gold prices hit new high today
Thai News Agency 13/2/2009

Gold ornaments today (February 13th) were quoted at 15,800 baht for one-baht weight (15.16 grams), rising from yesterday’s quotation of 15,750 baht for one-baht weight. At the same time, gold bars were today quoted at 15,400 baht for one-baht weight (15.2 grams), increasing from yesterday’s quotation of 15,350 baht, according to the Gold Traders’ Association

Gold futures contracts for April delivery was today up by US$4.70 to close at US$949.20 in the after-hours electronic trading on the Comex division of the New York Mercantile Exchange (NYMEX) after its prices moved in the range of US$936.50-954.00.

Among other precious metals for immediate delivery, silver for March delivery fell 1.00 cent to close at US$13.510 per troy ounce. Platinum for April delivery lost US$2.80 to close at US$1,077.90 per troy ounce while the palladium for March delivery was up by 70 cent to close at US$216.50.