Gold prices hit new records

Jitti Tangsithpakdi, president of the Gold Traders Association, attributed the volatility to global prices.

 "We can't predict the future trend as the New York market closed on Monday. We will need to see what the price would go to tonight," he said. "Buying gold for speculation is not recommended right now, due to huge risks."

On July 22, global gold price hit the record high at US$41,034 per ounce.

 

Domestic gold prices were adjusted upward five times on the day. At the latest, bullions are sold in Bangkok at  Bt15,750 per baht, the Thai wieghting standard equivalent to 15 gramme. Gold ornaments are quoted at Bt16,150.

The bullion prices started the day at Bt15.450 while ornaments at Bt15,850. The prices have been adjusted upward five times so far.

In Hong Kong, the major gold trading market in Asia, bullion climbed to US$958.50 an ounce, the highest since July 22, thanks to demand from investors who are fretting about the further slump in global economy and looking to the commodity to preserve their wealth.