Business News
Price fluctuations shut down Chinatown gold shops in Bangkok
Jan 26, 2009, 6:08 GMT
Bangkok - Erratic price fluctuations on the international market have forced gold shops in Bangkok's Chinatown district to shut their doors Monday, the start of the Chinese New Year.
Jitti Tangsitpakdi, president of the Gold Traders' Association of Thailand, said gold jewellery shops in Yaowarat, Bangkok's Chinatown, will stay closed until Wednesday to weather out the wild fluctuations in gold prices.
'The world gold prices have been changing several times in a day. Our shops have to change the prices many times so we decide to stop selling gold items on Monday and Tuesday,' Jitti told reporters.
This is the first time gold shops have closed during the Chinese New Year, usually a period of heavy sales.
Yaowarat's gold shops sell necklaces, bracelets and rings at prices that vary daily, depending on world prices for the metal.
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