Thais queue to sell gold as war in Ukraine sees prices reach new high

Bangkok residents queued up to sell their gold for cash yesterday, as the ongoing war in Ukraine saw the price of gold reach a new high. According to a Thai PBS World report, Thais lined up outside gold shops along Bangkok’s Yaowarat Road to sell their gold items for cash. The report states that by 12.56pm yesterday, the purchase price of gold bullion had risen to 31,850 baht, with the sale price at 31,950 baht.

According to the Gold Traders Association, the purchase price of gold adornment has risen to 31,275.08 baht and the sale price has increased to 32,450 baht. The association predicts the price of gold will rise to between 32,000 and 33,000 baht should Russia’s war in Ukraine continue. Prices are expected to remain volatile, with many gold market experts saying they could then drop again when the war ends.

Thai PBS World reports that between February 28 and March 5, the average price of gold bullion was between 29,350 and 30,250 baht, according to the association. The price of gold was slightly lower the week before.

SOURCE: Thai PBS World