KResearch: Gold price to edge up

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BANGKOK, 24 July 2011- According to Kasikorn Research Center, the Thai currency has increased its value and will continue to strengthen in the upcoming week mainly due to a the continuous flow of foreign funds. 

As a repercussion of the financial debt burden in the United States, Kasikorn stated that foreign investors had shifted their attention back to Asia. A forecast of 29.70 – 30 THB per USD is in sight within the upcoming week which will also catapult the Stock Exchange of Thailand to 1,172 points.

Alternatively, the Gold Traders Association believes that the price of gold in the US market will exceed 1,601.5 USD per ounce mark and will reach up to a possible value of 1,660 USD per ounce.

The Association also added that analysts had already predicted the value of gold to range from 1,700-1,800 USD per ounce, however the cost of mined gold would only stand at 720 USD per ounce. Currently the price of gold has reached its peak and any further developments may seem far-fetched.

As for the local value of gold, the price has been reconfigured with a 100 THB increase per 15.2 grams. Gold trade value will be adjusted from 22,179 to 22,500 THB for the buying price and 23,000 to 22,600 THB for the selling price.