Bangkok (The Nation/ANN) - Gold shops in Hat Yai, Songkhla, witnessed brisk business on Saturday as falling gold prices attract small clients
As gold is traded below 20,000 baht (US$693) per baht weight (15 grammes) for the first time since 2011, the gold shops see demand for both gold bars and gold ornaments.
Rerngchai Viriyakul, president of Hat Yai gold shops club, said that demand should remain high in 1-2 months from now if gold prices remain below 20,000 baht per baht weight. Demand naturally rises in May, a popular period for wedding. Gold is part of marriage endowments. A cheaper price should raise demand, he said.
He said that some buyers are ready to sell gold immediately when seeing the opportunity to make profits, as gold prices are adjusted several times during a day. He said some netted about 200,000 baht in profit in a day, but there are many who lose handsomely.