Thai gold prices make new high

BANGKOK, December 2 (TNA) - Thailand's Gold Traders Association announces that the gold prices on the domestic market have increased by 400 baht per baht weight, making a new high. According to the Gold Traders Association's announcement, the buying and selling prices of gold bars were 18,650 and 18,750 baht per baht-weight respectively, while the buying and selling prices of gold ornament were 18,373.92 and 19,150 baht per baht-weight respectively on Monday morning. Thanarat Possawong, managing director of Bangkok-based Hua Seng Heng Gold Futures Co, told reporters that the global gold price peaked at 1,220 US dollars per ounce on Monday morning, its new high in five weeks. However, Thanarat said, the global gold price later fell to 1,206 US dollars per ounce, as international investors were moving from yen to gold after US-based Moody's Investors Service recently downgraded Japan's credit rating due to its fiscal problems. Thanarat pointed out that the factor is temporary but the global gold price appears to continue fluctuating although it has not been in an upward trend. Thanarat advised international investors to monitor the financial policy of the United States, where the key interest rate is expected to be increased next year, and economic problems in Europe and Japan, where economic stimulus measures will remain necessary. Thanarat recommended people to limit their investment in gold at 10-15 per cent of their total portfolios. (TNA)