Gold rush in Laos as prices drop
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The recent drop in gold prices in Laos has brought buyers out in droves to purchase gold jewellery while it remains cheap.
According to gold shops in Vientiane, sale prices yesterday were at 5,060,000 kip (Bt20,388) per baht-weight – down about 500,000 kip per baht-weight on previous months.
Buying prices yesterday closed at 4,812,500 kip per baht-weight.
On world markets, gold prices in New York fell by 6.9 per cent or $87.80 to $1,286.20 per ounce on June 20.
Meanwhile, on the Hong Kong exchange, prices fell to $1,290.20 per ounce from $1,336.80 per ounce on June 21.
According to gold traders, large numbers of buyers visited gold shops in Vientiane to purchase gold jewellery and bars as an investment.
Some shops at the Talatsao Mall were stripped bare of all of their wares as a result of the gold rush.
