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155342
Wed, 12/29/2010 - 18:58
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http://m.oananews.org//node/155342
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People buy less gold as New Year gifts
BANGKOK, Dec 29 (TNA) - People in Thailand have bought less gold items as New Year gifts because of a price hike this year.
Jitti Tangsithphakdi, President of Thailand's Gold Traders Association, said on Wednesday (Dec 29) that sales of gold items as New Year gifts have dropped by 50 per cent this year when compared with the same period of last year due to the increased prices.
Jitti suggested local gold traders to, therefore, adapt themselves to the situation, as 90 per cent of buyers now demand for gold bars; while only the remaining 10 per cent want to buy gold ornaments. Jitti said that local gold traders should also introduce smaller gold bars with a minimum price of some 2,500 baht a piece. Gold bars weighing 3.8-15.2 grams are legally allowed for retail sales.
The president of Thailand's Gold Traders Association acknowledged, however, that 2010 was a golden year for gold investors because gold prices have kept rising, from 17,450 baht for one-baht weight or 15.2 grams early this year to peak at 20,150 baht currently.
Jitti said that most gold investors could take profits for several rounds this year, reporting that as many as 180 tons of gold were imported and 170 tons of gold were exported this year. (TNA)
Jitti Tangsithphakdi, President of Thailand's Gold Traders Association, said on Wednesday (Dec 29) that sales of gold items as New Year gifts have dropped by 50 per cent this year when compared with the same period of last year due to the increased prices.
Jitti suggested local gold traders to, therefore, adapt themselves to the situation, as 90 per cent of buyers now demand for gold bars; while only the remaining 10 per cent want to buy gold ornaments. Jitti said that local gold traders should also introduce smaller gold bars with a minimum price of some 2,500 baht a piece. Gold bars weighing 3.8-15.2 grams are legally allowed for retail sales.
The president of Thailand's Gold Traders Association acknowledged, however, that 2010 was a golden year for gold investors because gold prices have kept rising, from 17,450 baht for one-baht weight or 15.2 grams early this year to peak at 20,150 baht currently.
Jitti said that most gold investors could take profits for several rounds this year, reporting that as many as 180 tons of gold were imported and 170 tons of gold were exported this year. (TNA)
