Thais sell off gold for cash as price reaches new high
People in Thailand’s capital queued up this morning (Wednesday) at gold shops along the Yaowarat Road, widely known as Bangkok’s Chinatown, to sell their gold for cash, because gold prices continue to reach new heights as the Russia-Ukraine conflict affects global oil and gold prices.
At 12.56pm today, the buying price of gold bullion increased to 31,850 baht and was selling at 31,950 baht, according to the Gold Traders Association. The gold adornment buying price increased to 31,275.08 baht and the selling price reached 32,450 baht.
The Gold Traders Association predicted that gold prices would increase to 32,000-33,000 baht if the Russia-Ukraine conflict continues.
Many gold market experts believe that prices will remain volatile and may drop once the conflict is resolved.
Last week, the average gold bullion prices, between February 28th and March 5th, as announced by the association, were 29,350 – 30,250 baht. The gold prices were slightly lower the week before.