Gold prices may hit USD1,500

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BANGKOK, 6 May 2013  A gold expert believes that gold market sentiment should return to normal next week while saying global gold prices may hit USD1,500 an ounce. 

Gold Traders Association chairman Jitti Tangsithpakdi expects the gold prices to return to normal levels ranging next week after the recent price volatility during Songkran holidays.

Given the global gold price has climbed up to USD1,470 an ounce, Mr. Jitti believes the price is likely to move above the resistance of USD1,475 to stand at USD1,500. There is also a possibility that the price of gold may reach USD1,600 an ounce.

The Gold Traders Association chairman has, however, advised inventors to keep investment strategies based on short-term due to price fluctuation.