Gold sales soar as price drops below Bt20,000 per baht weight!
THAI GOLD PRICE (THIS MORNING)
|18 April 2013|
|Last Update: 2013-04-18 09:54Price Change: -350|
THAI GOLD PRICE (THIS EVENING)
|Last Update: 2013-04-18 16:45Price Change: +50|
Local gold has been sold below Bt20,000 per baht weight for the first time since 2011, following a sharp fall in global prices over the past few days.
The falling prices drew heavy traffic to Yaowarat gold shops. As some shops remained closed, others were crowded and inventory, particularly that of bullion, ran out.
Hua Seng Heng, the oldest gold shop in Chinatown, had to issue coupons to clients, urging them to pick up their purchases on April 24.
As gold and silver prices changed more than 10 per cent, the Thailand Futures Exchange temporarily halted trading in order to help investors digest news.
Deputy Prime Minister and Finance Minister Kittiratt Na-Ranong, trying to calm the nervousness, said the dip would be short-term as gold remained an asset with relatively high security. Gold-price speculation is normal, he added.
“Gold was set up for having a proper correction,” Jim Rogers, chairman of investment company Rogers Holdings, said on Bloomberg TV. “This may be the proper correction and, if so, then it will make a bottom and we can all buy gold again because it is going to be much higher over the decade.”
The price of gold plunged last Friday by 5 percent and closed at US$1477 (฿20,300 per baht) , it fell to its lowest levels since July 2011, hurt by a draft plan for Cyprus to sell gold reserves as part of its bailout by international lenders.
Gold traders association in Thailand have not announced their local prices as they remain closed for the long holiday weekend for Songkran (Thai new year) which will last till Tuesday (13th to 16th April).
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