KHON KAEN, Thailand – A sharp 1,550-baht drop in gold prices brought a surge of customers to gold shops in Khon Kaen on October 31, with buyers snapping up jewelry and exchanging existing pieces for heavier weights in the hope of future gains. Uthen Gold Shop in Khon Kaen municipality saw a steady stream of customers throughout the day. Many used their savings to buy gold necklaces and rings, while others traded in existing jewelry and paid the difference to obtain heavier pieces. The sharp fall was seen by some buyers as an opportunity to purchase gold at one of its lowest prices of the year, anticipating that prices could eventually recover.
Ekkalak Chanawirat, owner of Uthen Gold Shop, said international gold prices had continued to fall amid several factors, including a stronger US dollar. Investors were turning towards the dollar rather than gold, traditionally regarded as a safe-haven asset, amid economic uncertainty. The Middle East conflict and oil prices were also influencing the gold market, he said, adding that the current downward trend made it difficult to predict how much further prices might fall.
Ekkalak said the decline could present an opportunity for people wishing to buy and hold gold, but advised investors against committing large sums too quickly. They should monitor global developments because prices could still fall further or begin to recover. On October 31, gold jewelry was quoted at 63,000 baht per baht-weight for selling, while gold bars were selling at 62,200 baht.
