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Public warned not to rush to buy gold

Written by Writer on Friday, September 19th, 2008

Public warned not to rush to buy gold

BANGKOK, Sept 19 (TNA) – New players in the gold market should not rush to buy the commodity until its price begins to stabilise, according to an industry executive.

Gold Traders Association president Chitti Tansithpakee revealed Friday that the price of one-baht gold in Thursday’s trading surged by 950 baht, the biggest one day gain in recent memory, and then dropped by 100 baht on Friday.

It showed the global gold prices are volatile at present because investors are anxious about the collapse of financial institutions in the United States and withdraw money from banks to buy gold in larger number.

So, he advised that now is not the moment for prospective buyers to invest in gold, but intending purchasers should instead wait to see the gold price situation before making an investment decision.

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News Topics : Association President, Bangkok, Banks, Chitti, Collapse, Commodity, Commodity Price, Financial Institutions, Global Gold, Gold Market, Gold Price, Gold prices, Gold Rush, Gold Traders, Industry Executive, Investment Decision, Investors, Prospective Buyers, S Trading, Tna, Traders Association