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Thailand’s gold sellers rush to sell their gold as price soars

The streets of Bangkok’s Chinatown today have been paved with gold… sellers.

Today, dozens of Bangkok citizens lined up outside Yaowarat Road gold shops, creating chaos as they tried to sell off their gold ornaments and gold bars after the price gold rose by 550 baht per baht of gold (15.244 grams.)

It is reported that this is the highest prices of gold since February 2012. The Gold Traders Associations says as of 9:30am today the purchase price of the gold baht was 26,050 baht per baht and selling price was 26,250 baht, while gold ornaments prices were at 25,574.92 baht and the selling price at 26,750 baht.

(1 baht = 15.244 grams x 0.965 = 14.71046 grams, or 0.47295236 troy ounce (mass) – you figure it out!

The association’s chairman Jitti Tangsitpakdee, has advised people to hold off on selling their gold because many shops will start facing liquidity problems.

“If this continues for a week, most gold shops will have to shut down temporarily. But it will have a great effect on many players in the gold industry.”

Courtesy - The Thaiger



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