Inactive gold trade in Thailand's Chinese New Year 2015

BANGKOK, February 17 (TNA) - The Gold Traders Association sees inactive gold trade in the ongoing Chinese New Year Festival in Thailand. Jitti Tangsithphakdi, President of the Gold Traders Association, told journalists on Tuesday that gold trade during the Chinese New Year period appears not to be active although the gold price has dropped by 400-500 baht per baht-weight. Jitti attributed the inactive gold trade to the weaker purchasing power of most consumers this year. Jitti assessed if Chinese New Year monetary gifts this year are not smaller, gold trade will be more active later. Jitti noted that gold shops have also introduced festive gift cards to make up for the declining sales of gold ornaments. The Gold Traders Association president predicted that the gold price should be, however, falling and fluctuating this year in accordance with the global economic situation. According to the Gold Traders Association president the gold price on the domestic market should range from 1,100 US dollars to 1,300 US dollars an ounce or from 16,500 to 20,000 baht per baht-weight, but if the baht value drops to 33-34 baht a US dollar, the local gold price should increase. (TNA)