Gold hits new high

Fears of global inflation spikes, driven by the incessant increases in commodity prices, push gold price to a new high.

Global prices are further moving up, to Us$1,486.07 per ounce.

Domestically, local gold prices also hit a new high.

According to Thailand's Gold Traders Association, gold bar is sold at Bt21,150 per baht weight, up Bt50 from the previous closing.

Dubai crude oil price as of April 15 was US$115 per barrel.

Jitti Tangsitthiphakdi, chairman of the Gold Traders Association, expects the gold prices to further move up, but with a limited upside gain. He said that the recent spike lacks fundamental supports and is mostly driven by speculation. He also advised investors to short their physical gold, as sharp price correction is anticipated.

(Source: http://www.nationmultimedia.com/2011/04/18/business/Gold-hits-new-high-30153309.html)