The price of gold has climbed to its highest level in seven years thanks to the economic instability caused by the coronavirus prompting hundreds of Thai citizens to sell their hoards.
Long queues were witnessed outside of gold shops across the country, in particular in Bangkok’s Yaowarat, famed for its gold trade. Lines have been forming since early in the week as the price of gold quickly trended upwards.
The queues were not restricted to Bangkok with many provinces witnessing similar scenes due to the price of gold shooting up between 300 and 500 baht from Monday.
With many people struggling due to job loss and other unforeseen circumstances caused by the coronavirus pandemic, now seems like the ideal time to sell gold stocks.
However, there has been such a large selling demand that rumors began to spread on social media that gold shops would not have enough cash flow to cover all purchases.
This rumor was addressed by the Gold Traders Association that said gold shops will remain open and traders wanted to assist people who needed cash in this time of economic difficulty.
The price of gold has fluctuated at least six times already today, moving up and down within a 50-baht region. At lunchtime today, gold ornaments were sold at 26,450 baht and bought at 25,286.88 baht.
Gold bars were being bought at 25,750 baht and sold at 25,950 baht around the same time.
Source: Bangkok Post