Leading Thai trader optimistic on gold price

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BANGKOK, April  23 – A Thai leading gold trader today predicted that the precious metal’s price will climb beyond Bt20,000 per baht weight this year. 

Chitti Tangsitthipakdi, president of the Gold Traders Association, warned against panic as the global gold price has gradually revived by US$100 per ounce, or about Bt800-900 per baht weight after a sharp drop since last Thursday.

Many investors were too frightened by rumours and sold their gold holdings during the price slump, he said.

Mr Chitti ruled out speculations that the gold price could decline to US$1,200 per ounce or Bt16,200 per baht weight at the baht value of Bt28.60 against the dollar.

The gold price will not drop below Bt18,000 per baht weight, he said, adding that the recent negative phenomenon was due to rumours spread by speculators.

He was optimistic that gold price would increase above Bt20,000 per baht weight but would not be above Bt27,000 as it used to be.

The Thai currency appreciation by Bt1 contributes to a slide of gold prices by Bt800 per baht weight, he said.

At Bt30 against the dollar, gold price is around Bt21,000 per baht weight, he explained.