Gold price surge sparks selling in Pattaya

0
8949
Gold shops were packed with people selling their gold possessions at record breaking prices.
Gold shops were packed with people selling their gold possessions at record breaking prices.

Soaring gold prices have sparked a rush to sell among Pattaya residents, hoping to cash in on the surest sign the world economy is in trouble.



Please Support Pattaya Mail

Gold ornaments were selling at 28,800 baht per baht-weight and bars at 28,400 baht, July 27 when Banjong Banthoonprayuk, president of the Pattaya Gold Traders Club, said that a surging coronavirus pandemic and plunging currency values are pushing people to safe-haven investments.

Gold merchants paid out millions of baht buying up as much gold as the people wanted to sell.
Gold merchants paid out millions of baht buying up as much gold as the people wanted to sell.

Gold increased another 5 percent since his interview, hitting 29,975 bahton Tuesday. Prices are up 25 percent in the past six months and 38 percent from a year ago.

Pattaya locals who haven’t sold already saw the latest spike as the surest sign it’s time to cash in, he said.