BANGKOK, Feb 17 — Gold trading in the lead-up to Chinese New Year has not been active, and the gold price dropped by Bt400-500 per baht-weight resulting in weaker purchasing power for most consumers, according to the president of the Gold Traders Association Jitti Tangsithphakdi.
He said that if Chinese New Year monetary gifts are not smaller, gold trade can be more active.
Mr Jitti also said that gold shops introduced festive gift cards to make up for the declining sales of gold ornaments.
He predicted that this year the the gold price would fall and fluctuate in relation to global economic situations, and he expects the price to range from US$1,100 to US$1,300 an ounce or Bt16,500-20,000 per baht weight.
If the baht value drops to the rate of 33-34 baht against the US dollar, the domestic gold price will rise, he added. (MCOT online news)
