Commerce Ministry backs online gold trading

BANGKOK, 9 November 2009 (NNT) – Permanent Secretary of Commerce Yanyong Puangrach urged gold traders to sell gold online, predicting that it will help boost sales.

The permanent secretary of Commerce said after meeting with the Gold Trader Association that selling gold online would help facilitate gold buyers. In the meantime, he had expressed signs of support to urge gold traders to sell gold online as soon as possible. Primarily, sets of committees from the Ministry of Commerce and the gold trader association would be grouped to establish rules and regulations on online gold trading.

Gold buyers who purchase gold via the internet will receive the products within the beginning of 2010.

President of the Gold Trader Association, Jitti Tangsithpakdi, revealed that the gold future market and the volatility of the global gold price resulted in the plummet of the sales of bullion and gold ornament which had decreased twice from the previous ten months.

The president of gold trader association anticipated that as many as 6,000 gold shoppers will close their businesses, while only 600 gold shops will remain throughout Thailand within the next five years.