Thailand's gold price declining

BANGKOK, November 12 (TNA) - Thailand's gold price has been declining, with the Gold Research Center predicting that the gold price on the domestic market should continue falling to 19,000-17,000 baht per baht-weight later this month. Kamolthan Pornpaisalvichit, Director of the Gold Research Center, made the prediction on Wednesday, acknowledging that the global gold price should drop to 1,220-1,100 US dollars per ounce, resulting in the domestic gold price to be declining to 19,000-17,000 baht per baht-weight. Kamolthan foresaw that the domestic gold price could recover in festive periods in January-February 2015, but pointing out that the strengthening US dollar in line with the recovering US economy could affect an increase in the domestic gold price. Kamolthan warned that the world gold price could further fall over the next 3-6 months, after plunging below its technical support of 1,150 US dollars per ounce, while analysts have projected that the global gold price should drop to 1,000 US dollars an ounce next year or even lower than that. For the domestic gold price, Kamolthan cautioned that it could drop to 15,500-15,000-baht per baht-weight at the exchange rate of 32.75 baht a US dollar, with investors, probably, moving from gold to savings, bonds and shares consequently. (TNA)