Rising gold prices expected in Thailand during Chinese New Year

BANGKOK, January 7 (TNA) - Thailand's Gold Traders Association says that gold prices on the domestic market are expected to rise during the Chinese New Year Festival in late January 2014 due to the weakening Thai baht. Jitti Tangsithpakdi, President of the Gold Traders Association, told journalists on Tuesday that the Thai currency has weakened by some 10 per cent, to about 33.10 baht a US dollar, its weakest level in three years, which has caused domestic gold price to have increased by 1,000 baht consequently, from 18,500 to 19,500 baht per baht-weight. Jitti predicted that the domestic gold prices may go up to 1,300 US dollars per ounce next month, when two major US political parties will undergo a negotiation on the increase in the US debt ceiling.(TNA)