Gold trade drops 40% on floods
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Floods has plunged physical gold trade by 40 per cent, due mainly to the impacts to industrial plants as their workers constitute the majority of buyers, according to MTS Gold Co Ltd.
"Floods have affected the purchasing power and this results in a 40 per cent drop in business in Bangkok and provinces, particularly those severely inundated like Ayutthaya, Nakhon Sawan and Lop Buri. Gold shops there had to temporary cease operations," said MTS Gold President Kritcharat Hiranyasiri.
MTS is sustaining business through its online and mobile channels, allowing trade on gold bar from 9am to midnight.
Kritcharat noted that gold prices remain volatile due to unclear solutions on Greece's debt crisis. In the past two days, spot price fell over US$40 per ounce, pressing the local price by over Bt700 per baht weight. He is optimistic that the prices would go up late this year.
