Published on December 10, 2005

The Commerce Ministry has introduced urgent measures to control imports of gold and is considering new laws to manage Thailand’s internal gold-trading system.

A ministry source revealed yesterday that the number of major gold-importers required to report their monthly import figures directly to the ministry had been increased from 11 to 30.

The measure aims to curb significant imports of gold, such as were seen in October. It comes at a time of spiralling prices for gold, which hit US$519 per ounce in New York yesterday.

The ministry source said there was concern that daily changes to gold prices imposed by traders might not be fair to consumers. Some traders were charging updated prices for gold bought earlier at lower prices.

“Therefore the ministry is considering laws to manage the gold-trading system in the country,” the source said.

Meanwhile the ministry is closely monitoring gold imports and price speculation out of fear that these may further damage the country’s trade balance.

There are about 60 gold-importers in Thailand. Until now only the top 11 have been obliged to report their monthly import volume to the Commerce Ministry.

On a related issue, the Internal Trade Department last month imposed fines totalling Bt78,000 on 48 retailers found to be over-pricing consumer goods.

The department believes rising production costs associated with high oil prices prompted the retailers to illegally hike their prices.

Its director-general, Siripol Yodmuangcharoen, said 60,172 shops had been inspected during November. Only 48 of them were found to be violating the Price of Goods Act.

Department surveys focus on price tags on goods as well as prices, he said.

In Bangkok 13,439 retailers were checked and only 26 found to be breaking the law.

The surveyors also inspect scales belonging to traders and fuel stations to ensure their accuracy.

Siripol said the department would closely monitor traders to ensure fair practices during December, when consumers would spend a lot of money.

In addition, a close watch will be kept on scales measuring crop harvests such as rice to ensure fair treatment of farmers, he said.

Petchanet Pratruangkrai

The Nation

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