Gold prices in downward trend
Investors seeking long-term gains should avoid investment in physical gold, as gold prices are in the downward trend and this could slash their potential return, Gold Traders Association President Jitti Tangsithpakdi advised.
Year to date, gold prices have lost some Bt2,000 per baht weight, he said.
It could fall below last year's low at US$1,522 per ounce. It could fall to as low as $1,500 as global gold funds ake profits in the absence of new supporting factors, he said.
According to Gold Traders Association, as of 1.39pm when London gold price was at $1,537.5 an ounce., gold bar is sold at Bt23,050 per baht weight while gold ornament at Bt23,450. This year, average gold bar price peaked at Bt25,378 in February, before sliding to Bt24,438 in March and Bt24,143.18 in April. Month to date, it is Bt23,573. Gold price hit an all-time high in September last year, when gold bar fetched over Bt26,000.
"Investors seeking long-term gains should start accumulating gold when the price falls further," Jitti said.
