Active spending on gold for Chinese New Year

BANGKOK, Feb 12 (TNA) -- Public's spending in gold is rubusting as the Chinese New Year is arriving. Tanarat Pasawong, chief executive officer of Hua Seng Heng Gold Futures stated that gold purchases leading up to 2018 Chinese New Year holiday was higher than in previous years attributable to the improving economy. Furthermore, the 3 per cent rise in the value of the baht has pushed down local gold prices in comparison to global prices. Experts predict that gold prices this year will hover between 1,250 - 1,400 US dollars per ounce or 19,400-21,100 baht per baht weight for gold bar. This however is still dependent upon the US's Federal Reserve System (Fed)'s interest rate adjustment due in March and the corresponding announcement by its new Fed chairman Jerome Powell. Jitti Tangsithphakdi, President of the Thai Gold Traders Association, also confirmed gold purchases at the popular Yaowarat gold district this year was much more active than last year's Chinese New Year. Similarly, he felt that this is due to the improving economy and the rise in agricultural prices which has improved purchasing power especially among farmers. More importantly, the drop in local gold prices to below 20,000 baht per baht weight has made investing in gold an attractive proposition. (TNA)