Factors Influencing Gold Consumption for Savings and Investments by People in the Bangkok Metropolitan Area

Transcription

1 3(7): (21) Factors Influencing Gold Consumption for Savings and Investments by People in the Bangkok Metropolitan Area Kulkanya Napompech, King Mongkut s Institute of Technology, Ladkrabang, Thailand Amonsri Tanpipat, King Mongkut s Institute of Technology, Ladkrabang, Thailand Nidpa Ueatrakunkamol, Thailand Abstract: Four hundred people who used to buy gold for savings and investments in the Bangkok Metropolitan Area were selected through a simple random sampling technique in order to examine the factors that influence their gold consumption for savings and investments. Keywords: Gold, savings, investments, Bangkok Introduction Gold is generally recognized as a beautiful and valuable metal that can be easily converted into cash and used as risk collateral. Gold consumption in general includes gold accessories and gold in the form of wealth accumulation or savings. Gold demand depends on consumer satisfaction with its rate of return and consumer liquidity. Apart from being affected by consumer demand, gold prices move according to changes in world situations such as political upheavals or unrest, especially during times of war or political instability. It is also affected by events in the oil world and economic conditions (Jantarin Ruamsamran 23). In the past, Thailand s gold market mainly involved gold consumption in the form of gold accessories or ornaments. The ratio of gold bars was not high and was limited only to gold shops. However, as the gold market improved and consumers acquired a better understanding of the gold market through more convenient access to data, many people turned to gold as an investment in place of other assets. Trading in gold bars for profit became increasingly popular, as did the purchase of gold ornaments such as earrings, necklaces, and rings, which were all a form of indirect investment. Currently, the world and the U.S. s economic conditions are still unclear. The global economy has been immersed in a severe recession, which has put a lot of pressure on investments in risk-weighted assets. As a result, investors have transferred their money into more secure investment sources such as gold. Furthermore, governments around the world are pumping money into the economy; this could possibly lead to inflationary conditions in the future. Consequently, investors who want to avoid the risks of inflation may seek more investment in gold instead. Whereas the demand for gold is continually increasing, the supply of gold is still limited. This helps the gold price to grow in the long term. In addition, the Bank of Thailand s policy of decreasing the interest rate since December 29 caused commercial banks to adjust the interest rate of fixed deposits accordingly, and the interest rate of savings deposits went down to.5% from.75%. The decrease in the interest rate, together with the fluctuations in the capital markets both domestically and internationally does not only affect the interest rate as mentioned above but also makes it unclear what future trends on rates of return will be. Therefore, more people are now turning to save their money in the form of gold instead of putting their money in bank accounts (Kasikorn Research Center, 25).

2 3(7): (21) Thai Kasikorn Research Center (29) stated that gold investments still receive much attention from investors owing to speculation that the price may increase in the future. Goldrelated investments pay comparatively higher return rates than other types of assets. In the year 28, gold investments yielded a rate of return of approximately 5.41%, and up to 3.94% in 27, which is relatively high compared to other kinds of asset investments. On February 19, 29, the gold bar price in the world market reached dollars/ounce after it reached a record high of 984. dollars/ounce the previous day, giving a rate of return since early 29 of approximately 1.65%. Thailand s gold bar price rose accordingly to 16,15 Baht/half an ounce. Therefore, a number of people have become more interested in gold investments. Following a plunge in the gold price, individual investor demand for gold may reach such a high level that gold shops will issue reservation forms to customers because of the supply not meeting booming demand. When gold soars, many people sell off their gold holdings to make considerable profits. From the aforementioned data, it is clear gold is another alternative for savings and investments, one that attracts many savers and investors. Therefore, it is intriguing to study the behaviors and factors influencing gold consumption for savings and investments as a direction for decision making by anyone who would like to start gold savings and investments or entrepreneurs who want to improve, plan, strategize, and emphasize the importance of factors relating to gold consumers. Objectives of the Study 1. To study the gold consumption behaviors for savings and investments of the people in the Bangkok Metropolitan Area. 2. To study the factors influencing gold consumption for savings and investments of the people in the Bangkok Metropolitan Area. Related research Worawit Udompaibunsuk (23) compared three money saving methods gold bar holdings, investment in general fixed income fund, and fixed deposit investment to study the return rates and the risks of savings in low-risk assets in the form of single securities. Low-risk assets include fixed deposit, general fixed income fund, and gold bars. The 12-month fixed deposits were used to represent fixed deposits, and TISCO Permsap Fund #5 F was used to represent general fixed income fund. The period of the research covered from January 1, 22 to December 31, 22, during which the deposit interest rates of commercial banks were very low. Data collection was conducted weekly. The analysis of both quantitative and qualitative data was made by comparing the return rates and the risks. In quantitative analysis, the risks were measured by standard deviation. The most suitable securities were derived by considering the risk per unit of return rate. This study found savings in the form of single securities in gold bars yielded higher return rates and risks than any other types of savings. Savings by depositing money with commercial banks gave the lowest return rates but no risks, which corresponded with the principle of a high return rate has a high risk and a low return rate has a low risk. The investment in general fixed income fund was more suitable to other types of savings because of lower risk per unit of return rate. Sumalee Pumpinyo (23) studied the behaviors and factors influencing the consumers decision to purchase gold. The case study was conducted on industrial factory workers from 3 provinces in the central region in Thailand Ayudhya, Samutsakorn, and Nakhonprathom. The random sample contained 4 people. At the 95% confidence level, it was found that the

3 3(7): (21) majority of the sample group consisted of females aged 2 3 years old and single, all of whom were employees of private companies, with average monthly salaries below 1, Baht, and with a secondary level education at most. Regarding their gold purchasing behavior, the findings were that 57.8% of the sample group bought gold during January 22 December 22. Another 42.3% did not buy gold mainly because they did not have enough money. Pertaining to the benefits of purchasing gold, their opinions were that gold could be used as an ornament and as a form of savings instead of cash. The main reason that drove the sample group to buy gold was that gold could be accumulated for savings in place of cash and could be used in case of an emergency. The best time for buying gold for the sample group was when the gold price was cheap. The most popular form of gold purchased was gold chain. Most of the sample group spent approximately 3, 6, Baht in each gold purchase. The average purchase period was once a year. Regarding the place of purchase, most of the sample group bought gold from large local gold shops near their homes because of the convenience. The majority of the sample group paid in cash. When they buy gold, the first factor they consider is its quality."the news sources that affected their buying decision the most was the sales promotion notices that had been installed in front of the shops. The most satisfactory sales promotion strategy was when the gold shop issued a certificate of product quality for every purchase. The person with the most influence over the purchasing decision was found to be the sample group themselves. Kritcharat Hiranyasiri (25) studied the behavior of gold consumers in Thailand for savings and investments. The research was carried out by surveying a sample group of 373 people. The sample group was classified by non-purposive sampling into a group of 284 ordinary people and another group of 89 gold entrepreneurs. The study found that the majority of the sample group (62.7%) had no previous experience in investment, but 57.8% of them decided to save and invest in gold, and 63.7% of them deemed that investing in gold was better than in the stock market. Regarding consumer s behavior, the sample group saved and invested in gold without proper academic knowledge about investments. They bought gold as ornaments, because they thought that gold had high liquidity, and because they were afraid that they would use up all of their money if they saved in cash. The distinction between general people and gold entrepreneurs could be drawn clearly since gold entrepreneurs tended to purchase gold for investment purposes unlike people in general. Krit Panyapikrau (25) studied the behavior and attitude of gold consumers in Nakornsawan. The sample group contained 4 gold buyers in Nakornsawan province. The data was collected by questionnaire and was statistically analyzed by frequency distribution, percentage, mean, prioritization of the levels of importance and influence by Likert scale, and use of the Chi-square to test the relationships between variables and the intensity of the relationships. The outcomes of the study were that the majority of the sample group consisted of females aged years old, holding a Master s degree, who were business owners/merchants, with average salaries below 1, Baht. Most of the sample group bought gold once per year. The amount of purchase was half an ounce- one ounce. They mostly bought gold on their birthday, and the type of gold most commonly purchased was a necklace. They bought gold from gold shops for the purpose of accumulation. Pertaining to their attitudes towards purchasing gold, it was found that gold shop s buyback policy received much importance. The marketing factors influencing the gold purchasing decision were the varieties of patterns and designs of gold. The personal factors affecting the goldbuying decision included sex, age, marital status, education level, career, and average monthly salary. These factors were in relation to the amount of gold purchased.

4 3(7): (21) Jirawadee Yuensangamankong (27) studied the personal factors influencing the purchasing behavior of gold consumers in Bangkok. The questionnaires were distributed to a sample group of 39 people. Data was collected from gold consumers and was statistically analyzed by percentage, mean, standard deviation, and Chi-square test at a.5 level of significance. The study found that the majority of the sample group consisted of females aged 31 4 years old, holding a Bachelor s degree, who were private company employees, with average monthly salaries of between 1,1 and 2, Baht. Most of the sample group bought gold once per year. The type of gold purchase was most often a necklace weighing approximately half an ounce. They mostly bought gold from gold shops on Yaowarat Street. The main reason for the purchase was to accumulate and save gold for conversion into cash in times of emergency. The sample group bought gold as a gift for the occasions of weddings, birthdays, and graduation. The person influencing their buying decision most was themselves. The sample group followed news about gold mostly via television. Regarding marketing mix factors, the sample group gave greatest importance to the product aspect. The factors of price, distribution channel, and marketing promotion also received great importance. Pasu Sermsrisuwan (28) investigated the alternatives to gold investments and the factors affecting the gold price in Thailand. The first objectives of his research was to study the return rates and risks of savings or investments in gold bars in comparison to investments in other types of assets, such as investments in securities, debentures, bonds, fixed deposits, and U.S. dollars. The findings were that, during 22 27, investments in gold bars yielded less return rate and risk per return rate unit than investments in securities, whereas debentures, bonds, and fixed deposits produced less return rate and risk per return rate than gold bar investments. Nonetheless, U.S. dollars gave a loss. In addition, it was found that the return rate from gold investments had a low correlation to the return rate from other types of investments. This meant that investments in gold helped distribute risks well because the returns received would be independent of the returns from other types of investments. The second objective of this research was to study whether holding gold bars could prevent the risks of the domestic inflation by testing the co-relationships between gold bar price and consumer price index of Thailand through using co-integration techniques. The outcomes of the study were that during , gold bar holdings were well able to prevent the risk of inflation. The third objective of the research was to study the factors affecting gold prices in Thailand. The study found that gold prices in Thailand were set according to foreign gold prices; therefore, factors affecting gold prices in foreign countries would also affect the gold prices in Thailand as well. The results of the study during showed the factors affecting the gold prices in Thailand the world s inflation rates, the crude oil prices, the Thai Baht to U.S. Dollar exchange rate, and the U.S. Dollar index against other currencies. Sunisa Sisodsai (28) studied the factors influencing gold bar prices in Thailand through analysis in the form of multiple linear regression from the daily data during January 3, 28 to May 3, 28. The study found that investment in gold bars was worthwhile because of high returns and low risks as compared to other types of assets and because of its ability to retain its value like cash. Also, gold is acceptable worldwide. Its value is neutral, not fluctuating according to situations, such as war or inflation crises. Consequently, gold is considered the safest place to keep money in times of uncertainty. There are many methods to invest in gold bars, such as buying/selling through gold shops, investing through gold bullion investment companies, investing in gold funds, investing in gold solution, purchasing gold via the Internet, Gold Futures investments, contracts for trading gold in advance, and investments through the collection of gold coins. Pertaining to the changes in gold bullion

5 3(7): (21) prices in Thailand, the changes go according to the gold prices in the London Gold Market and the Thai Baht to U.S. Dollar exchange rate of 91%. Research Methods Population and Sampling Group The people used in this research are gold consumers in the Bangkok area who bought gold for savings and investments. The size of the sample group is not known clearly. Therefore, the researcher employs the formula for calculating the size of the sample group as follows: ( Kanlaya Wanichbancha. 26 : 14 ) n = Z 2 4e 2 n = size of the sample group Z = confidence level provided at 95% (α =.5) e = allowable error provided at 5% n = (.5) 2 n = n = From the calculation, the result of the sample size is for obtaining the allowable error of no more than 5%, from at least 385 samples. Therefore, the researcher uses the sample size of 4 people in this study Random Sampling 1. Random sampling for the data collection areas was conducted by choosing from the size of the Bangkok Administration, which consists of 5 administrative districts (Bangkok Metropolitan Administration, 29). Simple Random Sampling without Replacement was used to choose 1 out of 5 districts. Then, using Convenience Sampling, data were then collected from 4 people in each district, giving a total of 4 samples. Data Analysis The data collected were analyzed by statistical analysis and the results were presented in the form of descriptive statistics, frequency, percentage, weight, mean, standard deviation, and factor importance level analysis. The factor importance level analysis was conducted by using mean and standard deviation for arranging the order of importance level from the results, with the application of the Likert Scale as an analysis tool to explain data received from the questionnaires. The points are given as follows: 5 means the factor receives the most importance 4 means the factor receives much importance 3 means the factor receives moderate importance 2 means the factor receives little importance 1 means the factor receives the least importance To conclude, this needs to find the mean from the total points and have it compared with the point range as follows: Point range = maximum minimum amount of levels

6 3(7): (21) = =.8 According to the aforementioned criteria, the importance levels for the factors can be derived as follows: Average point the least importance Average point little importance Average point moderate importance Average point much importance Average point the most importance Here, the inferential statistics using the Chi-square test were applied to find the relations among each couple of variables according to the assumption at the statistically significant level of.5. Research Results General information relating to the questionnaire responders The sample group comprises 272 people, of which 68.% are females. Of the total sample 6.8% were single, and 35.% were married. The most common age ranges were 21-3 years old (5.8%) and 31-4 years old (38%), respectively. Bachelor s degree graduates accounted for 64% of the respondents. Most of the sample (8%) were private company employees/officers, while business owners/freelancers accounted for 8%. The monthly average income was 1,1-2, Baht for 42.5% and 2,1-3, Baht for 25.2%, respectively. Gold consumption behavior of the respondents Of the sample group 31.4% believes the greatest benefit from buying gold is gold savings in place of cash savings, while 21.3% believe the greatest benefit is using gold as ornaments. The number of gold purchases of the sample group is less than once a year for 63.8% and once a year for 28.2%. Considering the average value of each gold savings/investments, it was found that most respondents (7.%) saved/invested less than 2, Baht, while 19.3% invested between 2,1-4, Baht. The most appropriate time for gold savings/investments stated was when there was money left after expenses (43.8%), and when the gold price was down (43.4%). The sample group bought gold for many reasons. The main reason is that gold yields higher return rates than savings and investments in other types of assets (27.9%), and that gold has its own value regardless of the changes in the world situation (27.7%). The kind of gold the sample group chose for the most savings/investments are 96.5% gold ornaments for 54.%, and 96.5% gold bars for 21.5%. The sample group mostly buys and sells gold through gold shops (96.5%), and through old ticket investments (3.%). The main reasons for choosing the consumption channels were the reliability of gold shops or companies (58.3%), and the convenience of transactions (32.%). The sample group mostly paid cash (8.5%) and by credit card (13.8%). The sample group received information mostly from friends/acquaintances (34.%), and via television/radio advertisements (22.%). The most satisfying promotional activities to the consumers were discounts (78.%) and the fast buy-back process (17.8%). The person influencing the buying decision of the sample group was themselves (64.%), and their parents (18.%).

7 3(7): (21) Factors influencing gold consumption for savings and investments The following are the study results of the importance level of the factors influencing gold consumption for savings and investments: The factor of the benefits received From the study, the sample group believed that the factor regarding the benefits influencing gold consumption for savings and investments at the highest level is gold s high liquidity for easy conversion into cash and its own value as an ornament, which is not affected by changes in the global situation. Upon finding the combined mean regarding the benefits gained, the findings are that the sample group attached much importance to the factor of benefit with the mean of 4.6 as in Table 1. Table 1 of importance of the factors of the benefits received Factors of the benefits of Importance Average Importance received Most High Middle Low Lowest High liquidity for easy conversion into cash 219 (54.8) 14 (35.) 28 (7.) 13 (3.2) (.) 4.41 Most An ornament of its own value regardless of the changes in the world situation 164 (41.) 171 (42.8) 58 (14.5) 7 (1.8) (.) 4.23 Most Yielding higher return rate than savings/investments in other types of assets 12 (3.) 185 (46.2) 84 (21.) 11 (2.8) (.) 4.4 High Help distribute risk in investment portfolios 16 (4.) 215 (53.8) 145 (36.2) 17 (4.2) 7 (1.8) 3.54 High Combined average High Note: the number in parentheses means percentage The factor of the economy and politics The sample group attached the most importance to the factor of the economy and politics on the issues of fluctuating oil prices, as well as the interest rate of bank deposits, respectively. Upon finding the combined mean regarding the factor of the economy and politics, the findings were that the sample group gave it a moderate importance with a mean of 3.31 as shown in Table 2.

8 3(7): (21) Table 2 of importance of the factor of the economy and politics Factor of the of Importance Avera economy and ge politics Most High Middle Low Lowest Importance Fluctuating of oil prices 99 (24.8) 124 (31.) 144 (36.) 33 (8.2) (.) 3.72 most The interest rate of bank deposits 5 (12.5) 155 (38.8) 146 (36.5) 41 (1.2) 8 (2.) 3.5 most Risks from Investments 32 (8.) 151 (37.8) 169 (42.2) 37 (9.2) 11 (2.8) 3.39 middle Investments conditions in risk-weighted assets 14 (3.5) 127 (31.8) 29 (52.2) 42 (1.5) 8 (2.) 3.24 middle Inflation rate middle (4.5) (26.2) (52.) (15.8) (1.5) Political Stability middle (6.2) (22.2) (48.) (2.2) (3.2) Government s financial policies, such as tax policy 15 (3.8) 82 (2.5) 224 (56.) 69 (17.2) 1 (2.5) 3.6 middle Combined average middle The factor of service provision The sample group attached much importance to the factor of service provision influencing gold consumption for savings and investments on the issues of the staff having good knowledge and understanding of the products, the staff s politeness, fast service provision, and gold investment consultation service, respectively. Upon finding the combined mean regarding all service provision, the findings were that the sample group gave it much importance with a mean of 3.53 as in Table 3.

9 3(7): (21) Table 3 of Importance of Factor of the Service Provisions Factor of the Service of Importance Provision Most High Middle Low Lowest Average Importance Employees have good knowledge and understandings of the products 133 (33.3) 142 (35.5) 125 (31.2) (.) (.) 4.2 Most The Staff s Politeness and Fast Service Provision 75 (18.8) 23 (5.8) 9 (22.5) 32 (8.) (.) 3.8 Most Gold Investment Consultation Service 8 (2.) 152 (38.) 144 (36.) 17 (4.2) 7 (1.8) 3.7 Most Gold Keeping Service in Case Customers are unable to pick up the gold 42 (1.5) 11 (25.2) 176 (44.) 58 (14.5) 23 (5.8) 3.2 middle Call center Service middle (6.) (18.2) (44.2) (27.2) (4.2) Combined average high The factor of the products and the sellers From the study, it was established that the factors of the products and sellers influence the gold consumption for savings and investments at the highest level for accuracy of the weight of gold and the guarantee of the percentage of gold. Upon finding the combined mean regarding all products and sellers, the findings were that the sample group gave the most importance with a mean of 4.43 as in Table 4. Table 4 of Importance of the Factor of Products and the Sellers The Factors of the of Importance Average Importance Products and the Sellers Most High Middle Low Lowest The Accuracy of Gold weight 276 (69.) 14 (26.) 2 (5.) (.) (.) 4.64 Most The Gold % Guarantee 273 (68.2) 14 (26.) 23 (5.8) (.) (.) 4.62 Most

10 3(7): (21) The Reliability of the Gold Shops/Companies 28 (52.) 17 (42.5) 22 (5.5) (.) (.) 4.46 Most Speediness and accuracy in providing information such as the notice of gold price 18 (45.) 147 (36.8) 73 (18.2) (.) (.) 4.27 Most high The brand (32.) (54.) (11.5) (2.5) (.) Combined average Most The factor of price The sample group gave the most importance to the factor of price on the issues of the fluctuation of the gold price and the goldsmith's charge/production fee, respectively. Upon finding the combined mean regarding all prices, the findings were that the sample group gave it much importance with a mean of 4.11 as in Table 5. The factor of the gold trading channels From the study, it was found out that factor of the gold trading channels receives the most importance on the issue of buying-selling through gold shops. Upon finding the combined mean regarding all the gold trading channels, the findings were that the sample group gave it moderate importance with a mean of 3.1 as in Table 6. Table 5 of Importance of the Factor of Price The Factor of Price of Importance Most High Middle Low Lowest Average Importance Fluctuating of gold price Most (54.) (42.) (4.) (.) (.) The Goldsmith s charge/production fee 16 (4.) 19 (47.5) 34 (8.5) 16 (4.) (.) 4.24 High Payments condition such as paying by credit card option 78 (19.5) 122 (3.5) 171 (42.8) 15 (3.8) 14 (3.5) 3.59 High Combined average High

11 3(7): (21) Table 6 of Importance of the Factor of Gold Trading Channels Factor of the of Importance Gold Trading Channel Most High Middle Low Lowest Average Importance Buying-Selling through gold shops 196 (49.) 164 (41.) 4 (1.) (.) (.) 4.39 Most Buying-selling through companies for gold bar investments 2 (.2) 13 (25.8) 29 (52.2) 43 (1.8) 43 (1.8) 2.94 Middle Buying-selling from government agencies (.) 77 (19.2) 194 (48.5) 78 (19.5) 51 (12.8) 2.74 Middle Buying-selling via the internet 4 (1.) 49 (12.2) 161 (4.2) 97 (24.2) 89 (22.2) 2.46 low Combined average middle The factor of promotional activities From the study, it was found that the factor of promotional activities receives the most importance on the issues of convenience and fastness in the buy-back procedure and discounts, respectively. Upon finding the combined mean regarding all gold promotional activities, the findings were that the sample group gave it much importance with a mean of 3.86 as in Table 7. Hypothesis testing of the relations between personal factors and the factors influencing gold consumption for savings and investments From the hypothesis testing, it was found that the personal factor of gender has a relationship with the factors influencing gold consumption for savings and investments in the aspects of yielding higher return rates than savings/investment in other types of assets and buyingselling from government agencies. Age is in relation to the factors influencing gold consumption for savings and investments on the issues of gold investment consultation service and the buying-selling from government agencies.

12 3(7): (21) Table 7 The of Importance of Promotional Activities Factors of Promotional of Importance Activities Most High Middle Low Lowest Average The convenience and fastness of the buy back procedure 177 (44.2) 175 (43.8) 48 (12.) (.) (.) 4.32 Most Discounts Most (54.) (3.) (8.5) (7.5) (.) Gifts or rewards 7 (17.5) 162 (4.5) 112 (28.) 4 (1.) 16 (4.) 3.58 High After-sale service such as SMS gold price alert 32 (8.) 124 (31.) 162 (4.5) 72 (18) 1 (2.5) 3.24 Middle Combined average Middle Education level is associated with the factors influencing gold consumption for savings and investments on the issues of the staff s good knowledge and understanding of the products, the speed and accuracy of providing such information as notices of the gold price, buyingselling via the Internet, and buying-selling from government agencies. Income is relevant to the factors influencing gold consumption for savings and investments in the aspects of the reliability of gold shops/companies and buying-selling from government agencies. Recommendations Based on the study, the authors suggest the following: 1. Since consumers give importance to the ups and downs of oil prices, which rise and fall in relation to the price of gold, in order to stimulate savings and investments, both government and the private sector should follow this information and keep consumers updated about oil and gold prices. 2. Entrepreneurs should establish training courses for employees so that employees have sufficient knowledge about products to advise customers about savings and investments since customers give great importance to this factor. 3. Entrepreneurs should pay attention to the accuracy of the gold weight. Guaranteeing the percentage of gold, by providing guarantee certificates, for example, is important. This makes customers confident in the percentage of gold. 4. Although samples give importance to the ups and downs of the price of gold, entrepreneurs cannot control fluctuations in the price of oil. Therefore, entrepreneurs should use price strategies, such as offering a guarantee to provide confidence to customers that they will be able to sell it back whenever they want.

13 3(7): (21) 5. Samples normally sell/buy gold through gold shops; therefore, entrepreneurs should pay attention to safety in the shop and improve open/close time of shop, by increasing the amount of work days, for example, to enhance convenience for consumers. 6. Entrepreneurs should provide discounts, premiums, exchanges and opportunities for customers to pawn gold and make it more convenient for customers to sell gold back. References Hiranyasiri, K. (25). Behavior of gold consumers in Thailand for savings and investments. Bangkok. Research report, National Institute of Development Administration. Panyapikrau, K. (25). Behavior and attitude of gold consumers in Nakornsawan. Bangkok. Independent Study, Kasetsart University. Pumpinyo, S. (23). Behaviors and factors influencing the consumers decision to purchase gold: Case study of factory workers in the Central part of Thailand. Bangkok. Research report, Kasetsart university. Ruamsamran, J. (23). Attitudes toward benefits of gold and marketing factors influencing decision of buying gold of people in Bangkok. Bangkok. Independent study, Kasetsart university. Sermsrisuwan, P. (28). Alternatives to gold investments and the factors affecting the gold price in Thailand. Bangkok. Independent study. Kasetsart university. Sisodsai, S.(28). Factors influencing gold bar prices in Thailand. Bangkok. Independent Study, King Mongkut s Institute of Technology, Ladkrabang. Thai Kasikorn Research Center. (25). Gold- an alternative investment. Retrieved from Thai Kasikorn Research Center. (29). Interesting Investments Alternative in the low interest rate period. Retrieved from Udompaibunsuk, W. (23) Comparison of three money saving methods gold bar holdings, investment in general fixed income fund, and fixed deposit investment. Bangkok. Independent Study, Kasetsart university. Bangkok. Yuensangamankong, J. (27). Personal factors influencing the purchasing behavior of gold consumers in Bangkok. Bangkok. Independent study. Kasetsart university.