Chiang Mai snapping up gold on price dip

Chiang Mai gold shops were buzzing with shoppers hoping to buy back gold at a lower price than 2 weeks ago.

Two weeks after madly selling off their gold, Chiang Mai locals were buying it back at virtually the same price for Mother’s Day.

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Gold shops hummed on Aug. 12 as people snapped up shiny gifts for Mother’s Day.

Jitti Tunagsitpakdee, President of the Gold Traders Association said that the gold market is extremely volatile this year.

At the Insrithong Gold Shop in the Muang Chiang Mai Market buyers took advantage of gold coming off record-high prices to grab gold bars and ornaments, although the price now was the same as the end of July when many sold.

Bars were selling for 27,900 baht and ornaments went for 27,000. Gold had touched 31,000 per baht-weight last week, but the Mother’s Day prices were only 100 baht off the price during the July 29 gold-selling rush.

Jitti Tunagsitpakdee, president of the Gold Traders Association, said the market has been extremely volatile this year, as investors flock to gold as a safe haven amid the coronavirus pandemic.

He said the current trend has the sky-high prices declining, so anyone thinking of buying should wait if they can, he said.

Gold bars were also in demand as buyers believe that it is a good investment.