No gold bars for sale during weekends via Thailand gold shops

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No gold bars for sale during weekends via Thailand gold shops 
The Nation: 24 Oct 2008
No gold bars for sale during weekends

Some gold shops will not trade gold bullion on weekends starting from next months after they ran out of stock the bullions and gold ornaments.

Large crowds of people were seen flocking in many gold shops after the prices of the metal reduced sharply.

However the gold ornaments will be for sale as usual. 
Jitti Tangsithpakdi, the president of Gold Trader Association said Friday that the gold traders decided that starting from next month, many of gold traders would not trade the gold bullion on weekend.

"Foreign markets across the world are closed on weekend, therefore if we still trade, sellers and buyers will take risk in price margin, therefore many gold traders don't want to trade gold bullion and asked the association to explain to consumers," said Jitti

The president said that the volatility of gold price in the global market caused the gold price in Thailand to changes for many hundreds Baht in a day.

Besides the trade volume recently is much higher than usual, therefore it's risky to trade without knowing the exact price.

"Right now there are only big amount of buying order or selling order, therefore after receiving the order, we can't trade in the country but we have to trade in the foreign market which gain lower margin, so we must protect our risk," said the president.