Bangkok  - Thailand's gold prices hit an historic high of 16,500 baht (465.40 dollars) per 15.2 grams Thursday, in tandem with rising prices for the precious metal on the world market.

"This is the highest gold price in the history of our market," Gold Traders Association chairman Jitti Tangsithpakdi said.

Thursday was the fourth consecutive day for local gold prices to rise to historic highs, starting at 15,950 baht per one baht weight (15.2 grams) on Monday.

Gold is commonly sold in jewelry form in Thailand, mostly at gold shops in Bangkok's Chinatown district, at prices slightly below the world market's as the gold content is not 100 per cent.

Thais have been snapping up gold jewelry, necklaces and bracelets, as a safe investment since Chinese New Year, on January 26.

Gold prices have been rising throughout February, in tandem with the world market, which stood at about 975 dollars per ounce on Thursday.

"I have never seen the gold market like this, with steady rises every day," Jitti said. "It's being driven by big speculators abroad, the hedge funds," he opined. (dpa)