Gold price in Thailand to rise in 3Q13

BANGKOK, July 22 (TNA) - Gold traders in Thailand expect that gold price would increase during the third quarter this year while investors are, however, warned to monitor U.S. economy closely because it could have an impact on gold price in the kingdom. Jitti Tangsithpakdi, chairman of Gold Traders Association, said the gold price in Thailand would bounce back to 1,500 U.S. dollars per ounce or about 22,000 baht per baht weight in the third quarter, but on the condition that the Thai baht move around 31 baht against the greenback. Despite optimism that the gold price would rise, Jitti urged buyers to invest carefully following US city Detroit’s historic bankruptcy filing, owing 18.5 billion US dollars. Also, he predicted U.S. quantitative easing measures could either be withdrawn or eased early next year. (TNA)