Thai gold prices skyrocket creating a mad rush to sell

0
2436
Gold shops in Chinatown, Bangkok were kept busy all day long as people lined up to sell their gold.
Gold shops in Chinatown, Bangkok were kept busy all day long as people lined up to sell their gold.

BANGKOK – Gold sellers line up along the streets in Bangkok’s China Town, trying to sell their gold jewelry as the gold prices have jumped to seven-year high amid Covid-19 pandemic.




China Town which is home to top goldsmith shops in the country has seen long lines of people in the past days.

Many of them said they simply wanted to make profit out of the price surge while others tried to make ends meet.

According to the Gold Traders Associations, the purchase price for gold ornaments is 25,800 baht per gold baht and gold ornaments at 25,322 baht at 3 pm on Wednesday.

Gold baht is the Thai unit of measurement for weight, equaling 15.244 grams.

Gold shops on the Yaowarat Street in Chinatown have exercised social distancing and sanitizing practices to prevent the spread of coronavirus.

The Association has said many gold shops would face liquidity problems if the massive selling continues for a week. (TNA)