Gold futures trading surges...www.nationmultimedia.com

Gold futures trading surges

http://www.nationmultimedia.com/home/2011/08/15/business/Gold-futures-trading-surges-30162724.html

By Petchanet Pratruangkrai
The Nation
Published on August 15, 2011

Traders warn precious metal's price could plunge after record rise last week

Skyrocketing gold prices during the past two weeks have pushed gold trading in the futures market beyond 70,000 contracts per day, while regular trading volume increased to 800-900 kilograms per day.

Trading of gold in the futures market normally reaches 30,000 contracts per day, while regular trading of gold at gold shops nationwide averages 500 kilograms per day.

However, gold traders have warned that gold prices could plunge this week after continuously breaking record highs last week to end at US$1,815.50 per ounce on Thursday.

"The price of gold will adjust to its base soon. After skyrocketing prices seen in the past two weeks, gold prices are expected to drop this week to within the US$1,680-1,720 per ounce bracket," said secretary-general of the Gold Trade Association Kritcharat Hirunyasiri.

After adjusting to the price base, the current price of gold bar in domestic supply is expected to drop from Bt25,350 to Bt23,700-24,000 per baht weight (pbw). Also, the average price of gold in the domestic market could drop between 600 - 1,000 baht per week.

http://www.nationmultimedia.com/home/2011/08/15/business/Gold-futures-trading-surges-30162724.html

All information on this website is for educational purposes only and is not intended to provide financial advise. Any statements about profits or income, expressed or implied, does not represent a guarantee. Your actual trading may result in losses as no trading system is guaranteed. You accept full responsibilities for your actions, trades, profit or loss, and agree to hold MinKL Invest harmless in any and all ways.