Gold price is predicted to reach 17,000 baht during Songkarn Festival

In Pattaya, not as much as in Bangkok, people here are interested in selling their gold and taking the profit. The Domestic Inter-Trade Department is now planning to assist the people and the gold-investors so they won’t be as affected by the unstable gold prices.

Mr. Chitti Tangsitthipakdee (Chairman of Gold Entrepreneur Association) revealed that the gold price on February 18 had raised 180 baht according to the world price and the Baht is currently decreasing. Therefore, the current gold price situation is very grim because of its rapid rise but vice a versa gold prices could take a rapid drop.  All investors were strongly advised to be careful about investing in gold at this time because it could be very risky.   

He continued to state that on February 20, the price on gold had raised another 200 baht. The latest gold bar price was 15,900 baht while the gold ornament buying price was 15,675.44  baht and gold ornament selling price was 16,400 baht.  

Mr. Chitti added that due to the gold price was significantly increasing, there were thousands of people  reselling their gold which the gold shops in Pattaya have already spent several thousands million Baht in order to sup-port these demands. Because of this situation, the Domestic Inter-Trade Department has scheduled a meeting this coming February 25, in order to find a solution for the gold shop owners not to be  affected from this instability.

Regarding the gold world price on February 20, it was raised over 1,000 USD an ounce, a new record after it was highest in March 2008. Moreover, the gold price in the next trading shift in the Komac Gold Market by this coming April is 25.7 USD rising, the gold market closed at 1002.20 USD an ounce and the highest price during the trading is 1007.70 USD an ounce.