Local gold prices yesterday plunged to the lowest level in almost two years at 21,245 baht per baht-weight (15.244 grammes) thanks to the stronger baht and the sharp fall in global gold prices, as gold experts expect a bear market after a decade-long bull run.
Employees of Chin Hua Heng Goldsmith in Bangkok’s Yaowarat area assist customers in picking gold ornaments. World gold prices have plunged continuously since the start of the year by some US$30 an ounce, bringing down selling prices in Bangkok to 21,550 baht per baht-weight (15.244 grammes). PAWAT LAOPAISARNTAKSIN
With signs of further decline in global gold prices, the local gold price could enter a long-term correction, said Sanya Harnpatanakitpanich, Globlex Securities' vice-president for derivatives development.
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