December 11, 2008
Bangkok (Manager Online) - Gold sales during the New Year’s Festival dropped up to 50 percent although the domestic gold prices rose 200 baht.
Jitti Tangsithipakdi, president of the Gold Traders Association of Thailand, revealed today’s gold prices went up 200 baht in line with the global price which rose to 803 US dollar per ounce.
The price of gold bar was 13,350 baht per one-baht gold whereas the price of gold ornaments remained at 13,750 baht.
Rising global gold price was supported by profit-taking. People also bought gold since they viewed it as the most secure asset amid global economic slowdown.
It was forecast that gold prices would still fluctuate next year and it was possible the price would reach 900 US dollar per ounce.
Jitti said that gold sales fell during the festive season because most people wanted to cut costs.
Corporate customers and shops delayed purchasing gold as a gift. As a result, sales, especially in gold ornaments sharply declined.
