Gold expected to reach high of 22,000 THB/oz next year
BANGKOK, 19 December 2017 (NNT) - The Gold Traders Association expects gold prices next year to reach a high of 22,000 baht per ounce and has therefore advised short-term investments in gold.
President of the Gold Traders Association of Thailand Chitti Tangsitthipakdi said gold prices will reach 22,000 baht per ounce next year due to the Thai baht appreciating against the US dollar. There are signs of further strengthening due to interest rate hikes by the US Federal Reserve. Lows are expected at 18,500 baht per ounce.
He advised investors to seek short-term gains in gold next year, as the strategy has yielded up to 10% returns the past year.
During the New Year holidays, customers continued to purchase gold items as New Year gifts, while companies have resorted to cheaper goods and services such as tour packages.
The number of gold vendors nationwide are likely to decrease, due to the new mandate requiring vendors to list as juristic persons instead of family businesses. As a result, Chitti said he will collaborate with the Revenue Department to organize seminars to educate gold vendors on how to adjust to the new regulations.
Meanwhile, the Gold Research Center has revealed that its gold confidence index for December is fallen to 45.13 from 48.72 the previous month. The center has claimed that the downtrend is the result of the monetary policies of the US Federal Reserve.
http://nwnt.prd.go.th/CenterWeb/News...O6012190010020
