Gold prices to continue to drop, says expert


BANGKOK, 17 May 2012  – A gold expert believes that gold prices will continue to drop, saying long-term gold investment is not recommended. 

According to Gold Traders Association President Jitti Tangsithpakdi, the precious metal price has declined by 2,000 baht per-baht weight of gold ornaments since the beginning of the year. He further explained that the drop is not that drastic, saying it once, in the third quarter last year, dropped by 2,000 baht in one day.

Mr Jitti suggested long-term speculators to avoid buying gold at this time, as the price is expected to fall further.

He cited that the global gold prices are on a downward trend and could drop to as low as 1,500 dollars, down from the present 1,530 dollars per ounce.