Bangkok: Supamas, Minister attached to the Prime Minister's Office, headed a delegation to Yaowarat, commonly known as Chinatown, to inspect gold shops and ensure the quality and standards of gold being sold. The visit aimed to build consumer confidence in gold products amid a notably quiet atmosphere in the area.
According to Thai News Agency, Ms. Supamas Isarabhakdi, in her role as the supervisor of the Office of the Consumer Protection Board (OCPB), was joined by the OCPB Secretary-General, the President of the Gold Traders Association, and the Director of the Gem and Jewelry Institute of Thailand during the inspection. The visit is part of a collaborative project between the Gold Traders Association, the Gem and Jewelry Institute of Thailand, and the OCPB to enhance the standards of Thai gold jewelry. This involves improvements in weight, purity, product labeling, and quality control processes to ensure products meet international standards. As part of the initiative, gold jewelry samples were collected from shops for testing to verify adherence to the set standards.
The current market situation in Yaowarat showed a low level of activity, with few buyers present, as reported by local sources. Mr. Jitti Tangsittipakdi, President of the Gold Traders Association, noted the current downtrend in gold prices and the hesitance among buyers. He mentioned that the market is observing the impact of ongoing geopolitical tensions in the Middle East and former President Trump's policies, along with the anticipated strategies of the new Federal Reserve chairman. Despite the current dip, he expressed optimism that gold prices could surge to $6,000 by year-end. He recommended that investors consider long-term strategies, as gold remains a reliable asset for long-term investment and protection against inflation.