Sellers storm gold shops on sudden price increase

By The Nation

Gold prices jumped by US$100 per ounce overnight, due to gold speculation from hedge funds which shift money from global stock exchanges,

"It's such a phenomenon. The skyrocketing price led to the appearance of a number of gold sellers. They have to make a queue to sell gold," said Gold Traders Association President Jitti Tangsitpakdi.

Jitti said that hedge funds are entering the gold commodity market, due to volatility in the stock exchanges following the financial crisis in the US. Hong Kong gold prices opened sharply higher on Thursday at US$868-$869 an ounce, up from Wednesday's close of $785-$786.

As of 10.15am, gold ornament is priced at Bt13,600 and gold shops are buying back at the rate of Bt13,500 per 15.2 gramme.

Jitti said the price volatility should remain for a while.

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Sellers storm gold shops on sudden price increase

Gold prices jumped by US$100 per ounce overnight, due to gold speculation from hedge funds which shift money from global stock exchanges,

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