Gold prices unlikely to fall to Bt18,000 in Thailand

BANGKOK, April 22 (TNA) - Gold prices in Thailand are expected to continue moving in volatility this week to stand around 1,410 US dollars per ounce, or 19,000 baht per baht-weight (15.16 grammes), but they are unlikely to fall to touch 1,325 US dollars per ounce, as international investors are now less worried over gold selling by some European countries. Jitti Tangsithpakdi, President of the Gold Traders Association of Thailand, made the assessment on Monday, saying that the domestic gold prices should not fall lower than 1,325 US dollars per ounce or 18,000 baht per baht-weight in the foreseeable future. Jitti acknowledged, however, that it is difficult to predict the domestic gold prices due to the ongoing strong Thai baht against the US dollar, pointing out if the Thai currency strengthened by only one baht, it could make domestic gold prices cheaper by 700-800 baht. Jitti told reporters that global gold prices could increase to 1,600-1,700 US dollars per ounce if the situation returned to normal, after world gold prices had fallen much more than it should be, caused by speculations by global gold funds. (TNA)