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The report said this resulted from banks in the region raising the average interest rate on deposits and “favorable savings products,” along with high rates of inflation. Tangsitpakdee said the sustained uptrend was being driven not only by the prospect of central bank rate cuts, but also by continuous local buying of physical bullion.
The Ministry of Commerce also warned the public against buying gold through online channels, where there is a greater risk of gold counterfeiting, and they reminded gold sellers that they must strictly abide by the law, including clearly displaying the price tag for gold and bullion products. Following negotiations between law enforcement agencies and the head of the APGJA, the traders were released with assurances from the Association that they would “help control speculation, encourage physical trading, promote legal trading practices, and enhance documentation and computerization” within the local gold market.
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