Tuesday, March 09, 2021

Thais rush to sell their gold as price soars

Jul 24. 2020
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Thai gold shops are seeing a surge in customers after prices for the precious metal hit new highs of over Bt28,000 per baht weight for gold bar and over Bt28,500 per baht weight for gold ornament.

The record prices have sent people flocking to gold shops in Bangkok’s Yaowarat area to sell their jewellery and ornaments, the Gold Traders Association reports.

However, their numbers are still lower than seen at the shops in late April.

Shops were benefitting from the lower customer numbers since their financial liquidity was not taking a hit, said association chairman Jitti Tangsithpakdi. This week, operators of gold shops have been able to pay sellers immediately, unlike in the April when they needed time to make cash before settling their debts, he added.

Customers are selling about Bt10 million in gold per day at the Hua Seng Heng shop in Yaowarat, Thailand’s biggest gold dealer.

Few are buying gold, except those speculating the price would reach Bt30,000 – which was quite impossible this year, according to the chairman.

As of 4.30pm on Thursday (July 23), the price of gold had risen by $16.70 or 0.90 per cent, to $1,881.80 per ounce.

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