October 25, 2008
Bangkok - Gold shops nationwide announced to stop selling gold on Saturday and Sunday to reduce risk.
Jitti Tangsithpakdi, president of the Gold Traders Association of Thailand, said shop closure on weekend started today and would continue until early next year.
The closure is to reduce shop’s risk.
Gold shops may face losses since the world Gold Futures Market price is not available.
Gold buyers will be allowed to buy not more than 10-baht or 150-gram gold bar on Monday-Friday.
Suwan Walaisathien, president of the Saver Club, gold prices sharply dropped because funds sold them off for profit taking.
Investors lacked confidence because of the US financial crisis.
The price of gold bar remained at 12,400 baht yesterday while the gold ornaments were traded at 12,500 baht for one-baht gold weight.
It was possible gold prices would be weakened further.
