Crowds queue to exchange their gold for cash – as gold prices reaches a new high

Today, in Bangkok, many people choose to sell their ornaments of gold after the price of the precious metal increased sharply by 550 baht per baht weight in the Yaowearat district.

The Gold Traders Association claimed this is the first new high in eight years since February 2012.

As of 9.32 a.m. today the selling price for gold bars amounted to 26,050 Thai baht per baht weight and the selling price was 26,250 Thai Baht, while the demand for Gold ornaments was 25,574,92 baht and 26,750 baht, respectively.

Jitti Tangsitpakdee, chairman of the organisation, urged people to avoid selling their jewellery, as many shops are beginning to face liquidity problems. He said that if this lasts for a week, most gold shops would have to close down indefinitely.

“This would have a big influence on other competitors in the gold industry.”

SOURCE: The Nation

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