The gold price sentiment index has risen for a second straight month to 63.99 points, up by 19.9% from August, after the precious metal rebounded on worries over Syrian tensions.
In August, the index rebounded to above 50 points for the first time in three months.
September's survey was based on 591 respondents, 96 of which were gold traders while 495 were gold investors.
Gold price confidence for the next month rose to 68.8 points for gold investors, up from 52.78 points in August.
Gold traders' confidence fell to 51.84 points from 57.36 points in August.
Kamoltun Pornphaisarnvichit, director of the Gold Research Center, suggested a speculative play during price volatility.
"The long-term gold price remains depressed by the US Federal Reserve's plan to taper its stimulus, regional and European economic uncertainty, and a continued sell-off of SPDR Gold Shares, the largest gold fund," he said.
Mr Kamoltun said if the risk of a US military strike against Syria heightens, gold may spike to US$1,500 an ounce.
Gold is expected to move within a range of $1,340 to $1,480 for a month, and the domestic gold price is expected to move between 21,000 and 22,500 baht per baht-weight, assuming an exchange rate of 32 baht to the US dollar, he said.
However, the local gold price may gain more if the baht weakens, he added.
About the author
- Writer: Darana Chudasri
Position: Business Reporter