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Gold price to hit new high after festive season

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BANGKOK, 24 January 2012 (NNT) – Gold price is expected to reach an all-time high of THB27,000; however, it is inadvisable for investors to hold on to the metal for too long a period of time, according to the Gold Traders Association.

Mr. Jitti Tangsitpakdee, president of the Gold Traders Association, has revealed that gold price during the Lunar New Year has normally moved up and down, averaging about THB24,000 per one baht of gold. He expected the price of gold to rise after the Chinese New Year on account of the global economic problems and the EU currency fluctuation crisis, which would compel investors to turn to buying gold. It is expected that the gold price would hit the new high of THB27,000 in the first half of this year.

Mr. Jitti, however, suggested that investors not hold gold over the long haul, given they have better chances to make a profit. If the price go up and they can make between 400-500 baht profit, investors should sell out to reduce the risk of the fluctuation of gold price.

Read more: NNT

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