Thai gold shops stop selling bouillon on weekends

Written by changthai11 on Saturday, October 25th, 2008

Thai gold shops stop selling bouillon on weekends

BANGKOK, Oct 25 (TNA) — Effective this weekend, gold shops in Thailand have stopped selling gold bars on Saturdays and Sundays, due to shrinking supplies and falling prices in the world market, according to Jitti Tangsithpakdi, president of the Gold Traders Association.

Meanwhile the sales of ornamental gold would continue as usual, he said.

Mr. Jitti said another reason behind the suspension of trading of gold bars on weekends was because bouillion is not sold on Saturdays and Sundays in the global market.

Sales of gold bars will resume on weekends in Thailand only after their prices return to normal levels, he said.

On Friday, gold bars in New York closed at US$716 per ounce despite a shortage in the world market and speculations by traders in London and New York markets.

However, gold shops in Thailand could still sell bouillon on weekends if they are able to absorb the price risk because it is not a regulation of the aassociation,Mr. Jitti. (TNA)