ID :
42668
Mon, 01/26/2009 - 16:31
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Shortlink :
https://oananews.org//node/42668
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Historic closure of gold shops in Bangkok's Chinatown
BANGKOK, Jan 26 (TNA) - Gold traders in Bangkok's Chinatown closed their doors at their peak annual sales period for their shops during the Chinese New Year for the first time on record due to the high fluctuation of gold prices in the world market, Gold Traders Association president Jitti Tangsithipakdi said Monday.
The area's gold shops will be closed on both Monday and Tuesday, Mr. Jitti disclosed.
The gold trade in Bangkok's Yaowarat Road Chinatown was halted for the first time in memory during the Chinese New Year holidays when Thai Chinese normally buy gold as New Year's presents. However, the high and erratic price of gold this year led potential customers to give their family members cash instead of gold.
Fluctuations in gold prices on the world markets caused difficulty for gold dealers as they are forced to adjust the price many times a day. The price currently has been moving in a range of as much as 400 baht per day.
In the meantime, the gold markets around Asia also are also closed through January 27 for the occasion.
Mr. Jitti expected more people would sell gold as the gold price is as high as 15,000 baht per 15.2 grammes.
A large number of customers came to sell gold bullion and ornaments last weekend.
The traders association president estimated that the gold sold by the public would be worth about 1 billion baht when the gold price rises.
However, the price in the world market is still fluctuating because of speculation by hedge funds and financial institutions and the high liquidity of gold. (TNA)
The area's gold shops will be closed on both Monday and Tuesday, Mr. Jitti disclosed.
The gold trade in Bangkok's Yaowarat Road Chinatown was halted for the first time in memory during the Chinese New Year holidays when Thai Chinese normally buy gold as New Year's presents. However, the high and erratic price of gold this year led potential customers to give their family members cash instead of gold.
Fluctuations in gold prices on the world markets caused difficulty for gold dealers as they are forced to adjust the price many times a day. The price currently has been moving in a range of as much as 400 baht per day.
In the meantime, the gold markets around Asia also are also closed through January 27 for the occasion.
Mr. Jitti expected more people would sell gold as the gold price is as high as 15,000 baht per 15.2 grammes.
A large number of customers came to sell gold bullion and ornaments last weekend.
The traders association president estimated that the gold sold by the public would be worth about 1 billion baht when the gold price rises.
However, the price in the world market is still fluctuating because of speculation by hedge funds and financial institutions and the high liquidity of gold. (TNA)
