BANGKOK (REUTERS) - Cash-strapped Thais rushed to sell gold in Bangkok's Chinatown, on Thursday (April 16), 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.. Read more at straitstimes.com.
BANGKOK - 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.
Wearing masks and trying to keep at least a few feet apart, people started queuing hours before shops opened at 8am. The lines stretched for several blocks. "In over 60 years in business, this is the first time that I've seen people selling a lot of gold," said Mr Jitti Tangsithpakdi, president of the Gold Traders Association.
The central bank expects the economy to contract 5.3 per cent this year, the worst contraction since 1998 during the Asian financial crisis.
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