ID :
281422
Tue, 04/16/2013 - 12:26
Auther :

Gold hits lowest price in 30 years

BANGKOK, April 16 (TNA) - Gold prices hit a new 30-year-low on fears that central banks in Europe will sell their gold to repay debts. Thipa Nawawattanasap of YLG Bullion & Futures said the global gold price tumbled during the Songkran festival from US$1,580 per ounce on April 12 to US$1,320 per ounce. The drastic decrease by US$260 per ounce was the biggest in 30 years since the 1980s. Thailand’s Gold Traders Association was expected to announce the local gold price when gold shops open on Wednesday below the 20,000-baht-mark, possibly at 18,000 baht per baht weight or 15.244 grams. It had been rumoured that the Central Bank of Cyprus was considering selling 13 tonnes of its gold to raise 400 million euros to cope with the debt crisis. This led to speculation that banks in Italy, Greece and Portugal would also follow suit. (TNA)

X