Downward trend seen in gold prices
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Local gold prices have been adjusted seven times today, suffering for a net fall of Bt300 per baht weight.
According to Gold Traders Association, after the seventh adjustment at 2.38pm, gold bar is sold at Bt19,900 and gold ornament at Bt20,300. The price falls as spot gold eased to US$1,318 an ounce.
During 2.28am-4.33pm, gold prices were adjusted four more times as spot price , with the additional net cut by another Bt100 per baht weight. This brought down gold price price to Bt19,800.
Gold price could have fallen more deeply without the recent appreciation in the Thai baht against US dollar.
It's not yet the right time to buy into gold, despite the recent decline in prices, said Jitti Tangsitpakdi, president of the Gold Traders Association.
He said gold prices could further move downward, under lack of clarity if the US would launch military strikes against Syria as well as the US's tapering plan.
Boonlert Siripatvanich, chief executive officer at Ausiris, noted that the spot price could fall below $1,300 per dollar, if the Federal Open Market Committee resolves at the September 17-18 meeting to reduce bond buying programmes.
"There is a 50:50 chance that the price would fall below $1,300 an ounce," he said.
