Bangkok:The Gold Traders Association has issued a warning regarding potential selling pressure in short-term investments as gold prices experience significant volatility.

According to Thai News Agency, the president of the Gold Traders Association disclosed that gold prices had previously fallen below $3,800 per ounce before recovering to $3,900. He cautioned short-term investors about the risks linked to these volatile price movements and forecasted that gold prices could exceed 70,000 baht per ounce by the year's end.

Mr. Jitti Tangsitphakdi, President of the Gold Traders Association, highlighted several factors contributing to the volatility, including uncertainties in US economic policy, the ongoing war, and high oil prices. He noted that speculative trading in the gold futures market, marked by high trading volumes, has led to more significant fluctuations in gold prices. Furthermore, the upcoming US Federal Reserve meeting on December 9th, which might result in an interest rate hike, could potentially lower gold prices in the short term. Domestically, Mr. Jitti estimates that gold prices could rise above 70,000 baht by year-end.