Gold prices continue falling in Thailand

BANGKOK, April 18 (TNA) - Speculators and investors have continued buying gold, mostly gold ornaments, as their prices have kept falling in Thailand. While the world gold price was at 1,375 US dollars per ounce on Thursday, the selling price of gold bullion in Thailand on Thursday was at 18,600 baht per baht-weight, down from 19,000 baht per baht-weight on Wednesday, and the selling price of gold ornaments was 19,050 baht per baht-weight, down from 19,400 baht per baht-weight on Wednesday. Because of the declining prices, the business of gold shops in Hat Yai, Thailand's business hub in the southern Songkhla province, for instance, was thriving and many prospective buyers had to buy gold in tickets as the shops ran out of gold in their stocks. Rerngchai Viriyakul, Chairman of Hat Yai Gold Shops Club, told journalists that the sharp fall in gold prices on the domestic market boosted the number of buyers by about three times to buy the precious product for speculative purposes. Rerngchai cautioned that the volatility of the gold prices would be risky for speculative buyers; while retail investors should also monitor domestic gold prices closely before buying. YLG Bullion & Futures Co. estimated that gold prices in Thailand would continue to stay in volatility and investors should be, thus, very careful, urging gold investors not to invest in a large amount of money because of the risk at the moment. (TNA)