Gold price downward trend to continue
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Local gold prices may fall further to as low as Bt15,700 per baht weight this year, said the CEO of Classic Gold Futures.
Nuttatee Jutavarakul said that gold prices will continue the downward trend for some time. She noted that if global prices fall below the psychological level of US$1,300 an ounce, local prices could fall further.
"It will take at least 1-2 years before gold prices could return to $1,700-$1,900 an ounce," she said.
She noted that gold prices could rise immediately if tensions in the Korean peninsula intensify, as that would send a negative impact on the Chinese and Japanese economies. Still, the chance is slim, for now, she added.
Baht appreciation is also attributable to a drop in local gold prices.
She said that every Bt1 increase in Thai baht against US dollar, domestic gold prices will fall by Bt800.
