Spiralling Gold Prices Led To A 20-30 % Sale Drop

SPIRALLING GOLD PRICES LED TO A 20-30 % SALE DROP SALE DURING CHINESE NEW YEAR

President of the Gold Association of Thailand Jitti Tangsitpakdi (จิตติ ตั้งสิทธิ์ภักดี) admitted that the rising gold prices have caused the sale of gold during the Chinese New Year’s festival to drop by 20-30%.

Mr. Jitti revealed that the gold prices remain high, as the price for gold bar stands at 10,300 per baht. He said the high gold prices have caused the consumer purchasing power to drop. He said that the sale for the past Chinese New Year’s festival has dropped by 20-30%.

However, the atmosphere at gold shops in Yaowaraj (เยาวราช) areas was lively, as people continued to go and buy gold. The celebrations in the areas also contributed to the lively atmosphere.

Source: Thai National News Bureau Public Relations Department - 30 January 2006