Dozens of Bangkok citizens rushed to sell off their gold ornaments on April 14 after the price of the precious metal hit a new eight-year high.
|People in Bangkok line up to sell off gold ornaments on April 14 (Photo: www.nationthailand.com) |
Long queues were seen outside gold shops in Bangkok’s Yaowarat area on April 14.
Gold price rose sharply by 500 baht (15.28 USD) per Thai unit of gold weighing 14.71 grammes. It is the highest price reported since February 2012.
Chairman of Thailand's Gold Traders Association Jitti Tangsitpakdee has advised people to hold off on selling their gold because many shops will start facing liquidity problems.
If the selloff 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, he added.