Gold prices yesterday continued to climb near US$1,000 per ounce amid investor concerns about rising inflation and fresh hiccups for the global economic recovery.
Gold in Hong Kong yesterday closed at $995.5 to $996.5 per ounce, up from $987 to $988 on Friday.
In the local market, the buying price for 99.99% gold bars was 16,175.72 baht per baht-weight, up from 16,084.76 on Friday. Prices for 96.5% pure bars were quoted with a buying price of 15,800 baht per baht-weight.
On the Thailand Futures Exchange,trading activity has leapt in recent sessions, with gold futures contracts hitting an all-time high last Thursday of 2.12 billion baht. Yesterday volume for gold contracts totalled 1,026, with open interest of 4,708 contracts.
MTS Gold Futures, a TFEX gold broker,expects gold to break $1,000 per ounce within a few days.
Concern about rising bank collapses in the US and uncertainties about the global economic recovery have helped push up prices, said MTS Gold president Kritcharat Hirunyasiri.
Reports that bullion held in the SPDR Gold Trust, the world's largest gold exchange traded fund, rose 14.65 tonnes on Thursday also helped push up prices,said Mr Kritcharat.
"Investors are concerned about the global economy. This is putting pressure on funds to shift to lower-risk assets,"he said."Inflation is another concern,as is the trend towards US dollar depreciation."
He predicted that trading for TFEX gold futures will reach 900 contracts per day this month, as local investors follow the global trend. Contracts for October gold futures (GFV09) are likely to trade between 15,700 to 15,900 baht, he added.
"Gold futures will be more attractive for investment in the future and we will see trading value reach 3 billion baht per day very soon," he said.
Jitti Tangsithpakdi, president of the Gold Traders Association, said gold prices could post a modest decline this week as investors take profits from recent gains.
"However, for the long term we are confident that the price will continue to rise, and this year will set a new high.Last year it had its highest price at $1,034 per ounce," he said.
Apichat Laksanasirisak, managing director of TC Ausiris Futures, predicted gold will hit $1,100 per ounce within six months due to factors such as inflation,the weak US currency and asset allocation shifting from equity to gold.
Monday, September 7, 2009
Sunday, September 6, 2009
Passing on the beauty of Sirabhorn
The art of making traditional theatrical costume jewellery Sirabhorn has been passed down through the generations in Phetchaburi, the central province known for its richness in arts and culture.
In the old days, Sirabhorn was worn by performers of classical dances such as khon ,lakhon .But nowadays, the jewellery has become a souvenir very popular with foreign visitors.
Narongchai Makbamrungchit, a 50-year-old teacher at Ban Don Yang Witthaya School in Muang district, has helped to keep alive the Sirabhorn-making tradition.
He has researched the history of Sirabhorn crafts of the past and how they were produced in their various shapes and forms.
From this research, he has acquired the skills to make the jewellery through experimenting and practising. The knowledge he cultivated is passed on to his students and the community.
Making Sirabhorn requires a combination of plaster moulding and long rak lacquering. The practice is getting harder to find in the province.
Sirabhorn making is adapted from khon mask production which originated in the palaces.Impressed by the exquisiteness of the khon masks, the self-taught Phetchaburi craftsmen invented the crafts which eventually gave birth to the Sirabhorn jewellery.
The materials they came up with for producing a piece of Sirabhorn jewellery were crushed granite, cooked rice and straw paper. After moulding the ingredients into the desired shape,the work was then lacquered and covered and decorated with gold foil.
These days, craftsmen usually create permanent moulds for making a collection of Sirabhorn jewellery. The moulded plaster pieces are lacquered and decorated with gold foil and studded with coloured gems. The pieces are then assembled into jewellery.
Along with traditional costume jewellery, the art of making Sirabhorn has also been diversified into other forms of souvenirs such as traditional food ware and business card containers.
Most souvenirs are made from sugar palm trees and decorated with tiny pieces of the Sirabhorn jewellery.-Chaiwat Satyaem
In the old days, Sirabhorn was worn by performers of classical dances such as khon ,lakhon .But nowadays, the jewellery has become a souvenir very popular with foreign visitors.
Narongchai Makbamrungchit, a 50-year-old teacher at Ban Don Yang Witthaya School in Muang district, has helped to keep alive the Sirabhorn-making tradition.
He has researched the history of Sirabhorn crafts of the past and how they were produced in their various shapes and forms.
From this research, he has acquired the skills to make the jewellery through experimenting and practising. The knowledge he cultivated is passed on to his students and the community.
Making Sirabhorn requires a combination of plaster moulding and long rak lacquering. The practice is getting harder to find in the province.
Sirabhorn making is adapted from khon mask production which originated in the palaces.Impressed by the exquisiteness of the khon masks, the self-taught Phetchaburi craftsmen invented the crafts which eventually gave birth to the Sirabhorn jewellery.
The materials they came up with for producing a piece of Sirabhorn jewellery were crushed granite, cooked rice and straw paper. After moulding the ingredients into the desired shape,the work was then lacquered and covered and decorated with gold foil.
These days, craftsmen usually create permanent moulds for making a collection of Sirabhorn jewellery. The moulded plaster pieces are lacquered and decorated with gold foil and studded with coloured gems. The pieces are then assembled into jewellery.
Along with traditional costume jewellery, the art of making Sirabhorn has also been diversified into other forms of souvenirs such as traditional food ware and business card containers.
Most souvenirs are made from sugar palm trees and decorated with tiny pieces of the Sirabhorn jewellery.-Chaiwat Satyaem
Thursday, September 3, 2009
Chic and hot for all gals
Considered one the hottest trends last year,statement jewellery is still high on the agenda for this year. Its bolder feature in a bigger size makes it stand out on every occasion; it can never lose its charm as a fantastic adornment to whatever kind of wardrobe you have.
You don't need to rely on a genuine stone to attract the eyes of those around you as a fabulous design with the help of rich colours here and there should be enough to do the trick - without denting your purse.
And if you need more of a sexy look without revealing too much skin, there are some chic leather bracelets adorned with golden rivets to go with your rock clothing.
Statement jewellery isn't restricted just to ladies with an extreme personality, while leather and rivet-studded designs aren't solely for hot girls.
Actually, they should be among the must-have items for every girl who sometimes wishes to spice up her days,especially during this gloomy political and economic sit-ation.RT
All items are available with special discounts during the "W We Love Fashion: Shoes, Bags and Accessories Mania" promotion which is running from Sept 9-29 at The Emporium, Paragon and all branches of The Mall. For more information, please call 02-310-1846.
You don't need to rely on a genuine stone to attract the eyes of those around you as a fabulous design with the help of rich colours here and there should be enough to do the trick - without denting your purse.
And if you need more of a sexy look without revealing too much skin, there are some chic leather bracelets adorned with golden rivets to go with your rock clothing.
Statement jewellery isn't restricted just to ladies with an extreme personality, while leather and rivet-studded designs aren't solely for hot girls.
Actually, they should be among the must-have items for every girl who sometimes wishes to spice up her days,especially during this gloomy political and economic sit-ation.RT
All items are available with special discounts during the "W We Love Fashion: Shoes, Bags and Accessories Mania" promotion which is running from Sept 9-29 at The Emporium, Paragon and all branches of The Mall. For more information, please call 02-310-1846.
Wednesday, September 2, 2009
India's gold imports down
India's gold imports in August slumped by more than 85% from a year earlier as high prices and weak monsoon rains dented demand, the top official of Bombay Bullion Association (BBA) said yesterday.
BBA president Suresh Hundia told Reuters provisional figures showed imports of between 12 and 14 tonnes in August, compared with imports of 98 tonnes last year.
"Gold prices are high and so are the prices of everything else. The monsoon is also not good," Hundia said.
Gold on Multi Commodity Exchange of India traded at 15,094 rupees ($309.24)per 10 grammes yesterday afternoon,down 0.21% from Monday's close.
India's monsoon has been about a quarter below average up to late August,pushing up prices of most essential commodities in anticipation of a poor harvest this year.
For January to August, BBA data showed gold imports of 84.6 tonnes,down 68% from the same period last year.
Dealers in banks said sales had improved in August compared to the previous months due to the start of the festival season, which will peak around Diwali in October."Our sales are 30%down in August compared to last year,"said one dealer in a bank in Mumbai.
"There was some demand, but very light," said Afshin Nabavi, head of trading at MKS Finance, a Geneva, Switzerlandbased supplier.
Hundia and dealers were still hoping for a demand revival around big Hindu festivals such as Dussera, Diwali and Dhanteras, but said prices must fall by around 1,000 rupees for a big pick-up.
If prices were to fall to around 14,000 rupees per 10 grammes,"there will be bumper sales," said Amit Mittal, marketing manager at M.D. Overseas Ltd, a large importer in New Delhi.
BBA president Suresh Hundia told Reuters provisional figures showed imports of between 12 and 14 tonnes in August, compared with imports of 98 tonnes last year.
"Gold prices are high and so are the prices of everything else. The monsoon is also not good," Hundia said.
Gold on Multi Commodity Exchange of India traded at 15,094 rupees ($309.24)per 10 grammes yesterday afternoon,down 0.21% from Monday's close.
India's monsoon has been about a quarter below average up to late August,pushing up prices of most essential commodities in anticipation of a poor harvest this year.
For January to August, BBA data showed gold imports of 84.6 tonnes,down 68% from the same period last year.
Dealers in banks said sales had improved in August compared to the previous months due to the start of the festival season, which will peak around Diwali in October."Our sales are 30%down in August compared to last year,"said one dealer in a bank in Mumbai.
"There was some demand, but very light," said Afshin Nabavi, head of trading at MKS Finance, a Geneva, Switzerlandbased supplier.
Hundia and dealers were still hoping for a demand revival around big Hindu festivals such as Dussera, Diwali and Dhanteras, but said prices must fall by around 1,000 rupees for a big pick-up.
If prices were to fall to around 14,000 rupees per 10 grammes,"there will be bumper sales," said Amit Mittal, marketing manager at M.D. Overseas Ltd, a large importer in New Delhi.
Friday, August 28, 2009
A TIMELY AFFAIR
[WHAT] Opening of Central International Watch Fair 2009.
HRH Princess Soamsawali views the watch exhibition, accompanied by Yuwadee Chirathivat and Sirikate Chirakiti.
[WHERE] Event Hall, 3rd floor, Central Chidlom.
Atichart Chumnanont with Parmigiani Fleurier and Araya Aharget with Piaget’s Limelight High Jewellery 89,900,000.
[HOST] Yuwadee Chirathivat, president of Central Department Stores.
Tos Chirathivat.
[HIGHLIGHT] Watch fashion show, in the presence of HRH Princess Soamsawali, by celebrities as well as leading actors, actresses and models.
Dr Suvit and Khunying Songsuda Yodmani.
Thanop with Namon, his son; Navipa; and Chaiyos Eiamamornpan.
MRSupanee Diskul, Alena Piamkulawanich with Cartier, Pumi Sarasin with Audemars Piguet’s Millenary, Prae Sarasin and Pantila Debhakam.
Aonanong and Atiporn Senavong.
HRH Princess Soamsawali views the watch exhibition, accompanied by Yuwadee Chirathivat and Sirikate Chirakiti.
[WHERE] Event Hall, 3rd floor, Central Chidlom.
Atichart Chumnanont with Parmigiani Fleurier and Araya Aharget with Piaget’s Limelight High Jewellery 89,900,000.
[HOST] Yuwadee Chirathivat, president of Central Department Stores.
Tos Chirathivat.
[HIGHLIGHT] Watch fashion show, in the presence of HRH Princess Soamsawali, by celebrities as well as leading actors, actresses and models.
Dr Suvit and Khunying Songsuda Yodmani.
Thanop with Namon, his son; Navipa; and Chaiyos Eiamamornpan.
MRSupanee Diskul, Alena Piamkulawanich with Cartier, Pumi Sarasin with Audemars Piguet’s Millenary, Prae Sarasin and Pantila Debhakam.
Aonanong and Atiporn Senavong.
Thursday, August 27, 2009
DSI seizes B15m in fake watches, arrests suspect
The Department of Special Investigation has arrested a man for intellectual property violations and seized more than 10,000 counterfeit watches worth 15 million baht.
The haul followed raids on Wednesday on shops in the Charassaeng Pattana building in Samphanthawong district and a house in the Taling Chan area.
The DSI said 10,362 counterfeit watches bearing the names of leading luxury brands such as Tag Heuer, Patek Philippe, Rolex and Panerai were confiscated.
Somchai Arunnamchoke,44, was arrested for possessing the counterfeit items with intent to sell.
Mr Somchai was arrested on the same charges two years ago.
He has been released after posting bail of 100,000 baht.
DSI deputy chief Narat Sawettanant said confiscation of the counterfeit goods was part of the government's drive to have Thailand withdrawn from the US Priority Watch List for intellectual property violations.
He said most of the fake luxury watches confiscated by authorities were imported from China.
Pol Col Prawet Mukpramol, chief of the DSI's intellectual property unit, said the office was seeking amendments to the anti-piracy law to toughen the penalties against those who violate copyrights or patents.
The haul followed raids on Wednesday on shops in the Charassaeng Pattana building in Samphanthawong district and a house in the Taling Chan area.
The DSI said 10,362 counterfeit watches bearing the names of leading luxury brands such as Tag Heuer, Patek Philippe, Rolex and Panerai were confiscated.
Somchai Arunnamchoke,44, was arrested for possessing the counterfeit items with intent to sell.
Mr Somchai was arrested on the same charges two years ago.
He has been released after posting bail of 100,000 baht.
DSI deputy chief Narat Sawettanant said confiscation of the counterfeit goods was part of the government's drive to have Thailand withdrawn from the US Priority Watch List for intellectual property violations.
He said most of the fake luxury watches confiscated by authorities were imported from China.
Pol Col Prawet Mukpramol, chief of the DSI's intellectual property unit, said the office was seeking amendments to the anti-piracy law to toughen the penalties against those who violate copyrights or patents.
Monday, August 24, 2009
GOLD TRADERS WARN OF VOLATILITY IN WEEKS AHEAD
The next few weeks will be a crucial period for gold prices, and slight volatility is expected to indicate whether bullion prices will rise to US$1,000 (Bt34,100) or fall to $880 an ounce this year.
Gold traders have warned of volatility from the derivatives market rather than physical gold trading. Oil prices and the US dollar are still affecting gold prices more than real gold consumption is, but it is uncertain whether oil prices will continue to increase, because movements to date are believed to have been forced by hedging.
Gold Traders Association deputy secretary-general Kritcharat Hirunyasiri said that over the past month, there had been no clear signs of whether gold prices would rise or fall. Prices had moved in a range of $935 to $965 an ounce, but the range was narrowing, and it was expected that a clear direction would become obvious within the next two weeks.
Kritcharat said if the gold price broke through the $963-an-ounce level, it could rise to $980 and then $1,000 by year-end. However, if it failed to break $930 an ounce, the price could fall to $900.
"The dollar has more of an effect on gold prices," Kritcharat said. "For example, last Friday night the gold price increased $15 per ounce after the dollar depreciated from 1.422 to the euro 1.435, while oil prices made a smaller impact."
Although the golbal economy has begun to recover from the economic crisis, the US Federal Reserve is unlikely to adjust its interest rate in the short term. Inflation remains low and does not affect gold prices much even though inflation and gold prices are correlated, he said.
President Jitti Tangsithpakdi said it was possible gold would reach $1,000 an ounce this year, because the global economy had still not stabilised. Therefore, people are still investing in gold. As well, there is always high demand for gold at the end of a year.
However, gold prices will not swing as much as they did last year, because funds are investing in many markets, including equities, oil and gold, he said.
Secretary-general Pichaya Phisuthikul said that in the middle of the month, the gold price declined, but it increased again in the past week as oil prices rose to $60 to $70 a barrel.
Gold prices will remain volatile, he said. Normally, gold prices move contrary to the Equity Index, but recently when equities have risen, gold prices have sometimes risen, as well.
"The present gold price is not related to real consumption at all but rather affected by funds investing in the gold market.
"The recovery, which has been seen in stock markets like Wall Street, including oil-price increases, is still not certain. I believe the economy, which has been severely damaged, needs more time for recovery. Therefore, the present oil-price and Equity Index rises may be an illusion, because they show an adjustment much better than fundamentals," Pichaya said.
If oil prices and the Equity Indexes fall again, the gold price will also be affected. In Pichaya's view, gold prices are capable of peaking at $980 an ounce or bottoming at $880.
Meanwhile, Bloomberg said gold, little changed in London yesterday, might decline as a stronger dollar erodes the metal's appeal as an alternative investment. Palladium rose to its highest price in almost a year.
The US Dollar Index, a six-currency gauge of the greenback's value, rebounded from a two-week low, gaining as much as 0.4 per cent. Gold, which typically moves inversely to the dollar, added 1.4 per cent last Friday, the most this month.
"The market is likely to retreat towards $925 to $930 an ounce, provided the dollar rebounds from current lows," said VTB Capital analyst Andrey Kryuchenkov in London.
Immediate-delivery bullion climbed 45 cents, or 0.1 per cent, to $954.30 an ounce yesterday after advancing 0.6 per cent last week.
December gold futures rose 90 cents, or 0.1 per cent, to $955.60 an ounce on the New York Mercantile Exchange's Comex division.
Gold traders have warned of volatility from the derivatives market rather than physical gold trading. Oil prices and the US dollar are still affecting gold prices more than real gold consumption is, but it is uncertain whether oil prices will continue to increase, because movements to date are believed to have been forced by hedging.
Gold Traders Association deputy secretary-general Kritcharat Hirunyasiri said that over the past month, there had been no clear signs of whether gold prices would rise or fall. Prices had moved in a range of $935 to $965 an ounce, but the range was narrowing, and it was expected that a clear direction would become obvious within the next two weeks.
Kritcharat said if the gold price broke through the $963-an-ounce level, it could rise to $980 and then $1,000 by year-end. However, if it failed to break $930 an ounce, the price could fall to $900.
"The dollar has more of an effect on gold prices," Kritcharat said. "For example, last Friday night the gold price increased $15 per ounce after the dollar depreciated from 1.422 to the euro 1.435, while oil prices made a smaller impact."
Although the golbal economy has begun to recover from the economic crisis, the US Federal Reserve is unlikely to adjust its interest rate in the short term. Inflation remains low and does not affect gold prices much even though inflation and gold prices are correlated, he said.
President Jitti Tangsithpakdi said it was possible gold would reach $1,000 an ounce this year, because the global economy had still not stabilised. Therefore, people are still investing in gold. As well, there is always high demand for gold at the end of a year.
However, gold prices will not swing as much as they did last year, because funds are investing in many markets, including equities, oil and gold, he said.
Secretary-general Pichaya Phisuthikul said that in the middle of the month, the gold price declined, but it increased again in the past week as oil prices rose to $60 to $70 a barrel.
Gold prices will remain volatile, he said. Normally, gold prices move contrary to the Equity Index, but recently when equities have risen, gold prices have sometimes risen, as well.
"The present gold price is not related to real consumption at all but rather affected by funds investing in the gold market.
"The recovery, which has been seen in stock markets like Wall Street, including oil-price increases, is still not certain. I believe the economy, which has been severely damaged, needs more time for recovery. Therefore, the present oil-price and Equity Index rises may be an illusion, because they show an adjustment much better than fundamentals," Pichaya said.
If oil prices and the Equity Indexes fall again, the gold price will also be affected. In Pichaya's view, gold prices are capable of peaking at $980 an ounce or bottoming at $880.
Meanwhile, Bloomberg said gold, little changed in London yesterday, might decline as a stronger dollar erodes the metal's appeal as an alternative investment. Palladium rose to its highest price in almost a year.
The US Dollar Index, a six-currency gauge of the greenback's value, rebounded from a two-week low, gaining as much as 0.4 per cent. Gold, which typically moves inversely to the dollar, added 1.4 per cent last Friday, the most this month.
"The market is likely to retreat towards $925 to $930 an ounce, provided the dollar rebounds from current lows," said VTB Capital analyst Andrey Kryuchenkov in London.
Immediate-delivery bullion climbed 45 cents, or 0.1 per cent, to $954.30 an ounce yesterday after advancing 0.6 per cent last week.
December gold futures rose 90 cents, or 0.1 per cent, to $955.60 an ounce on the New York Mercantile Exchange's Comex division.
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