August 16, 2008
Bangkok - Gold was bought and sold more at Yaowaraj gold shops as the US dollar currency became stronger and people wanted to avoid the inflation problem.
The decreasing gold prices in the world market were due to dropping world oil prices.
The investors sold their gold and turned to buy dollars for profit taking as the dollar currency was strengthened.
The world gold prices should be fluctuating this year, according to Liang Seng Heng’s goldsmith Mr. Pitchaya Pisuthikul.
The price of 96.5% gold bar was 13,450 baht while the gold ornaments price was 13,850 baht on August 14.
It was estimated that foreign funds would buy gold for profit taking in the third and fourth quarter. This is to offset losses caused by the subprime crisis.
It was also predicted the opening of the Gold Futures Market would surely affect the domestic gold shops and the number of customers would decrease more.
