Bangkok- Concerns over rising tensions in the Middle East sent gold prices up 2.6 per cent Monday in the Bangkok gold market, media reports said.

Gold Trading Association president Jitti Tangsitthipakdee said the price of gold jewelry soared to a new high of 15,600 baht (466 dollars) per one baht weight (15.2 grams) as investors snapped up gold in response to concerns over the confrontation between Iran and Israel, the Thai News Agency reported.

On Friday gold was trading at 15,200 baht per baht weight in Bangkok gold shops. Gold necklaces and bracelets with 97 per cent purity are a common investment in Thailand, that typically become more popular during times of political and economic uncertainly.

Jitti said local investors were worried about the baht weakening against the dollar, even though the dollar was weakening against many other currencies.

He added the local price of gold ornaments was likely to continue its rise, surpassing 16,000 baht per one baht weight of gold this year if the baht currency continued to weaken. (dpa)