Declining gold price boosts sales of gold ornaments

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BANGKOK, April 25 – The slump and volatility of the gold price has created a new phenomenon with sales of gold ornaments surging by 40 per cent in the last several days, according to a Thai gold trader

Tanarat Pasawong of Hua Seng Heng Gold Futures Co said his shop has increased production of gold necklaces from 3,000 strings to 5,000 strings a day thanks to the record sales for the past 21 years.

The gold price in the global market remains on a declining trend at around US$1,300-1,400 per ounce while the local price is Bt19,500 per baht weight, he said.

The local gold price has slightly struggled up but gold owners may sell their precious metal in the short term, he said, adding that the Thai public are cashing on in the sliding gold price to build stocks of gold ornaments.

Some buyers said they bought the metal to prepare for their weddings at the year’s end, said Mr Tanarat.