Gold Price Should Drop During Chinese New Year

PRESIDENT OF GOLD TRADING ASSOCIATION FORECASTS GOLD PRICE DROP DURING CHINESE NEW YEAR

Gold Trading Association President CHITTI TANGSITHIPAKDI (จิตติ ตั้งสิทธิ์ภักดี) has indicated that the price of gold in the world market is still fluctuated. In the U.S., its price has fluctuated by five to six USD per ounce each day. However, he has predicted that the gold price in Thailand will decrease during the approaching Chinese New Year.

Mr. CHITTI stated that its price should drop by 850 baht due to gold speculation. Over the past five to six years of the same period, most gold traders usually faced trade deficits, as they set a high price prior to the festival. At the moment, gold ornament is priced at 10,550 baht per one gold baht.

The President of the Gold Trading Association said the gold traders have learned from the past fluctuations during this period, and therefore, they should foreseen and be prepared to deal with the price adjustment. He has also forecasted that the gold trading atmosphere during the Chinese New Year would not be as lively as last year because this year’s gold price is apparently more expensive than the price in the previous year.

Source: Thai National News Bureau Public Relations Department - 12 January 2006