September 12, 2008
Bangkok - Thai people flocked to buy gold at Yaowaraj after the gold prices were the lowest in the one-year round. The long queue covered more than 100 metres of distance.
Lot of people bought gold for collection and profit taking. The gold stock seemed not to be sufficient to serve the increasing demand.
As a result, some gold shops had to issue their booking tickets so that customers could get their products within one week.
The price of gold ornaments was 13,000 baht for one-baht gold while the price of gold bar was 12,600 baht on September 12.
Previously, the highest gold price went up to 15,650 baht for one-baht gold after skyrocketing oil prices.
The world gold price tended to drop more. The advance gold price decreased up to 29.5 dollars per ounce.
Jitti Tangsithpakdi, president of the Gold Traders Association, revealed the dropping gold prices were because world oil prices fell and foreign funds dumped the gold prices.
