Gold prices see a sharp increase amid Russia-Ukraine war
Gold prices rode a new high on the back of the Russia-Ukraine war with gold shops selling a baht weight of gold bar at Bt30,600 on Monday.
The selling price of gold bars closed at THB30,600, while the purchase price for one baht weight (15.244 grams) was THB30,500, the Gold Traders Association said.
Jitti Tungsitphakdee, president of the Chin Hua Heng Goldsmiths and chairman of the Gold Traders Association, said the prices of gold bars had risen by THB2,000 from the prices during the Chinese New Year celebrations.
The buying price of gold ornaments weighing one baht closed at Bt29,956.16, while the selling price was Bt31,100.
Prices jumped by THB350 from the previous trading day.
Jitti said if the war continues, the price of gold is expected to keep rising.
He said his shop had arranged about Bt100 million in cash for buying gold from customers.
He, however, added that the queues in front of gold shops were not as long as when the Covid-19 crisis started two years ago.
He explained that gold prices had been increasing since the Chinese New Year Festival. Many people had been selling their gold since then, therefore there were not too many people coming to the shops to sell gold now.
He said most sellers were now speculators, in a bid to make a quick profit.
