Thais are flocking to Bangkok's Chinatown to sell their gold jewellery as the price of the precious metal spikes and the economy tanks due to the ...
BANGKOK: Thais are flocking to Bangkok's Chinatown to sell their gold jewellery as the price of the precious metal spikes and the economy tanks due to the coronavirus pandemic.
Gold surged to a seven-year high on Tuesday to US$1,731.25 an ounce, following global moves led by the US to reinflate economies with trillions of dollars of stimulus measures.That has boosted the price of gold across the world, tempting many to sell their stocks of the precious metal at a time of economic hardship without recent precedent.
Many Thais buy gold jewellery as an investment in times of plenty, to be sold when prices rise or belts tighten., hundreds flocked to Yaowarat, Bangkok's Chinatown, to trade bracelets, necklaces and rings for cash as local gold prices jumped more than 20 per cent. "I don't have any savings so I decided to sell the gold I have for cash to keep me afloat during this time," Thanakorn Promyuyen, a 39-year-old street vendor told AFP.Traders have bought tens of millions of dollars worth of gold since Tuesday, according to Jitti Tangsitpakdi, a chairman of a trade association.
Thailand's economy is forecast to contract by more than 5 per cent this year after the virus shuttered borders - killing the cash cow tourist industry - leaving millions unemployed."I have kids to take care of as well as monthly bills, so I had to come here and sell."
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