Gold prices on the rise in Thailand, world market

BANGKOK, June 21 (TNA) - The Gold Trader Association of Thailand reports that the gold prices have been on the rise in the country and on the world market due mainly to external factors. According to the latest report of the Gold Trader Association, publicly released on Friday, the gold prices on the domestic market have risen by about 250 baht, hitting the highest record in six years. Based on the association's updated report, the prices of gold bars and gold ornaments, or gold jewelries, reached 20,450 baht per ounce and 20,950 baht per baht weight on June 21. The association attributed the rising trend of the gold prices to such external factors as a signal by the US Federal Reserve (FED) to further cut its key interest rate in the second half of this year, the depreciating trend of the US dollar and a remaining trend of the global economic slowdown, caused by the persistent trade war between the United States and China. Besides, an emerging tension between the United States and Iran has shot up the gold prices lately, after an Iranian missile allegedly attacked a US military drone flying in the international sky over the Strait of Hormuz in the Middle East. Meanwhile, major gold trading firms in Thailand projected that the gold price on the world market could reach 1,400-1,500 US dollars per ounce later this year when the gold prices on the domestic market could also reach 21,000 baht per ounce or baht weight. (TNA)