The impact of United Kingdom’s vote to leave the European Union rippled through Pattaya, jacking up the price of gold at local stores to the 22,000-baht level.
Gold prices were stoked by not only the so-called Brexit from the US, but the U.K.’s request to have it be the Chinese yuan trading center for all of Europe, plus the depreciation of the pound sterling.
The Gold Trader Association quoted gold bars at a selling price of 21,950-22,000 baht per 1 baht-weight June 29. The buying price was 21,850 baht.
Gold jewelry was sold at 22,500 baht and was bought at 21,500 baht. The price is expected to rise as the pound weakens.
Gold dealers said they had plenty of cash on hand to accommodate sellers.