Cash-strapped Thais rushed to sell gold in Bangkok’s Chinatown, on Thursday, cashing in on a surge in the price of the precious metal as the new coronavirus outbreak pulls the economy into a recession with millions losing jobs, according to a Reuters report.
Like most Asians, Thais who keep some savings in gold are at this time of hardship taking advantage of a recent rise in the benchmark global price to $1,722 an ounce, a seven-year high. In Thai baht, prices hit an all-time high this week. Spot gold prices in Thai baht have climbed by over 24% so far in 2020, compared to a 13% rise in U.S. dollars.
Apparently, in over 60 years this is the first time that people are selling a lot of gold, according to the president of the Gold Traders Association who said: “I suggest don’t sell your gold at once as COVID-19 will not be over soon and gold prices may still make new highs.”
Thai households have invested a lot in gold and will sell the gold whenever gold prices go up or during economic hardship.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished
Thai households have invested a lot in gold and will sell the gold whenever gold prices go up or during economic hardship.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished
