Gold buying starts falling in Thailand

BANGKOK, April 20 (TNA) - Active buying of gold by speculators and investors in Thailand in the past few days has started declining on Saturday due to sharp volatility in gold prices, according to gold traders. The Gold Traders Association in Thailand announced that selling price of gold bullion early Saturday stood at 19,100 baht per baht-weight (15.16 grammes) while the selling price of gold ornaments is 19,500 baht per baht-weight. It said gold prices moved in volatility each day recently and on average prices were adjusted up to nine times daily. Purchase has become weakened. Businesses of gold shops in the northern province of Lamphun became sluggish this morning compared to the past three days when about 400 customers visited a shop a day, a sharp rise from approximately 60 customers daily previously. Thanida Vattanakul, owner of a gold shop and chairwoman of Lamphun Gold Shops Club, said there are signs that gold prices would continue to stay in volatility for the next one or two months. Thanida said there are more than 40 gold shops in the province and current gold price is now considered the lowest in the past three decades. She urged investors to monitor prices for a certain period before investing. Because of the sharp drop in gold prices, people in the northern capital of Chiang Mai have switched to buying genuine gold instead of plated gold. (TNA)