Bangkok: Gold prices plummeted, causing a rush of buyers to form long queues. Gold prices plummeted by 2,000 baht! Crowds flocked to buy and sell gold in Yaowarat (Bangkok's Chinatown), forming long queues that spilled out of the shops.
According to Thai News Agency, the gold trading atmosphere in Yaowarat (Chinatown) was bustling throughout the day, following a sharp drop in domestic gold prices of 2,000 baht from their previous highs. This resulted in a large number of people continuously buying and selling gold. Many famous gold shops had long queues of customers extending outside. A reporter surveying the area found that most people buying gold agreed that the price drop presented a good opportunity to accumulate gold, as they still view it as a safe haven asset capable of maintaining its value in the long term amidst the volatile and uncertain global economic situation. Some even stated that although the price drop was short-term, they believe gold has the potential to rise again in the future.
Meanwhile, another group of people sold their gold, citing the significant price increase in recent months as having yielded satisfactory profits and needing cash to reinvest or reinvest in their businesses, which they believe will yield a more worthwhile return than holding gold at this time. The latest gold prices announced by the Gold Traders Association are: buying price for gold bars is 65,300 baht per baht, and selling price is 65,400 baht per baht. The buying price for gold ornaments is 64,057.76 baht per baht, and the selling price is 66,200 baht per baht.
Gold shop owners stated that the drop in gold prices has stimulated increased activity among both buyers and sellers in the market, resulting in a particularly lively trading atmosphere in the Yaowarat area. Throughout the day, a continuous stream of people entered the shops, with many having to manage queues to accommodate the large number of customers. This reflects the public's continued confidence in gold as an important asset, both as a savings tool and a long-term investment.