The president of the Gold Traders Association warns of greatly fluctuating gold prices this week and recommends close watch on Russia-Ukraine negotiations.
Jitti Tangsitpakdi, president of the association, said the conflict between Ukraine and Russia continued to cause gold price fluctuations. As negotiations between both countries seemed to develop positively, local gold prices plunged by 500 baht per baht-weight. However, the prices would change repeatedly in one day, he said.
Mr Jitti expected negotiations would progress well and gold prices could decline further. If both sides resumed aggressive stances, gold prices could rise again, he said. Gold prices would be fluctuating this week and investors should be careful, he said.
On March 9, the selling price for bullion made its all-time high at 32,100 baht per baht-weight. Although prices dropped yesterday (March 10), many people showed up to sell gold because gold prices remained high. (TNA)
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