People jump on chance to cash in as gold hits new high

Long chaotic queues were seen outside gold shops in Bangkok’s Yaowarat area on Tuesday (April 14) as many people decided to sell off their gold ornaments after the price of the precious metal rose sharply by Bt550 per baht weight.

This is the first new high in eight years since February 2012, the Gold Traders Association said.

As of 9.32am on Tuesday, the purchase price of gold bars was Bt26,050 per baht weight and selling price was Bt26,250, while gold ornaments went for Bt25,574.92 and Bt26,750, respectively.

Jitti Tangsitpakdee, the association’s chairman, advised people to hold off on selling their gold, because many shops will start facing liquidity problems. He said if this continues for a week, most gold shops will have to shut down temporarily. “It will have a great effect on many players in the gold industry.”