Page 11 - Bullion World Volume 4 Issue 7 January 2024_Neat
P. 11
Bullion World | Volume 4 | Issue 7 | July 2024
Mr Nuttapong (Golf) Hirunyasiri Ms Souphaphone Sounannavong
Mr Nuttapong (Golf) Hirunyasiri, Managing Director, Ms Souphaphone Sounannavong, Interim CEO,
MTS Gold Group – Thailand provided a comprehensive Pacific Bullion Import-Export Co Ltd - Laos- highlighted
overview of Thailand's gold market dynamics from 2020 the company's focus on strategic investments to
to 2024. He highlighted significant trends such as the transform Laos' economy, emphasizing sectors
fluctuation of gold prices driven by global and domestic like trading and distribution of consumer goods,
factors, including inflation hedging and currency manufacturing lighting and electronics, logistics, fuel
strength. trading, and integrated infrastructure. She discussed
the gold market in Laos, noting its position as the third-
Mr Hirunyasiri noted the record-high Thai gold prices largest gold producer in Southeast Asia, with annual
in recent years, reaching 42,000 baht per unit in April production of 9-12 tonnes.
2024. He also outlined Thailand's robust investment
infrastructure, including numerous wholesale and retail The growing demand for gold due to economic and
shops, multiple gold funds, and substantial annual currency instability presents significant opportunities,
physical transactions. Emphasizing sustainability and although challenges such as inadequate infrastructure
innovation. Industry's shift towards responsible practices and limited access to investment products persist. Ms
and the adoption of digital technologies for gold trading, Sounannavong outlined a vision to establish the Bullion
underscoring Thailand's leadership in Southeast Asia Bank of Laos, implement Dore bar certification, and
featured as a part of the speech. position Laos as a regional hub for gold, aiming to bridge
the gap between Lao and international markets and drive
domestic financial innovation.
Would ASEAN gold market become a bigger market Will it be more advantageous for further market
than India and Indonesia in the next 5 years ? development if the tax structure on gold product
Well the number of people residing in India especially are movement is harmonized in ASEAN?
far more compared to that of the ASEAN region hence it Yes
would be difficult to outgrow the markets in India. But the There are 10 countries in ASEAN and all the 10 countries
ASEAN gold market can collaborate with the markets in have the same regime on gold product flow some
India and Indonesia through Singapore. country like Singapore free movement and Malaysia has
a free movement but some countries are restricted.
11