Jitti: prolonged protests will adversely affect gold prices

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BANGKOK 14 February 2014 Gold Traders Association president Jitti Tangsithpakdi has expressed his concerns over the prolonged protest that it will have adverse effects on gold trading. 

According to Mr. Jitti, if the ongoing protests is prolonged further, it will eventually have a negative effect on gold trading in the country, adding that the price of the precious metal should rise above 20,000 baht per baht weight of gold.

In effect, purchases of the precious metal are expected to increase, as buyers usually invest in gold and sell it for profit when prices go above 20,000 baht.

Gold prices at the moment are quite attractive and expected to rise further, said Mr. Jitti. He, however, suggested that investors buy it as short-term investments and sell it at a profit when the prices begin to rise. The Thai currency is also an important factor affecting the price of gold.