Thailand has purchased another 30 tonnes of gold recently, increasing the total gold reserve to 130 tonnes, Bank of Thailand governor Prasarn Trairatvorakul said on Thursday.
Bank of Thailand governor Prasarn Trairatvorakul (Photo by Tawatchai Kemgumnerd)
"The gold reserve now represents three per cent of the country's international reserves.
"The central bank is studying whether it should raise the ceiling to more than three per cent," Mr Prasarn said.
The BOT also planned to invest in other foreign currencies besides the US dollar, the euro and Japan's yen. It now had about seven billion yuan to support the liquidity of commercial banks, he said.
Gold Traders' Association chairman Jitti Tangsithpakdi said he expected gold prices to rise further after reaching a new high last month.
Mr Jitti said gold recently jumped to US$1,664 an ounce and would likely increase further, but only to some extent.
The prices rose continuously as financial institutions worldwide continued to purchase gold at the same time, he said.
The BOT had added 17 tonnes of gold in the last week and now had 130 tonnnes in its reserve. The bank had kept less than 100 tonnes in the past, he said.
This article is older than 60 days, which we reserve for our premium members only.You can subscribe to our premium member subscription, here.
About the author
- Writer: Online Reporters
- Position: Online Reporters
