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Liittynyt: 25 Tou 2005 Viestejä: 5614 Paikkakunta: Korso/Vantaa/Si Khiu
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Lähetetty: 14.1.2006 5:32 Viestin aihe: Gold rises but Thai sales slump |
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Lainaus: | Gold rises but Thai sales slump
New York/Bangkok (Agencies):
Gold rose to a 24-year high in New York and London overnight (Thailand time), as investors bought the metal to diversify and seek higher returns. Shares of gold producers surged.
But Thailand is unlikely to experience the seasonal high of gold trade characteristic of the Chinese New Year.
The market is depressed by skyrocketing gold prices, according to the chairman of the Gold Traders’ Association Jitti Tangsithpakdi. He also believes gold prices should stabilise after the first quarter of this year.
The continuous rise of oil price to the level of 25-year high is likely to dampen domestic demand for gold, with Thailand’s gold import forecast to total only 100 tonnes this year compared to 150 tonnes in 2005, according to Mr Jitti.
Gold for immediate delivery gained rose $10.59, or 1.9%, to $556.99 an ounce at 5:52 a.m. Thailand time in London, after earlier reaching $557.92, the highest since Jan. 22, 1981. Prices are up 3% for the week and 31% in the past year.
Benchmark gold futures for February delivery rose $7.70, or 1.4%, to $557 an ounce on the Comex division of the New York Mercantile Exchange, after reaching $558, the highest since Jan. 22, 1981. The metal rose 2.9% for the week.
Mr Jitti expects the Thailand gold price will stabilise or even scale down from its frentic peak, beginning in April. |
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