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Thousands of Thais rush to sell gold as price soars amid Covid-19 economic slump

Video Credit: Newsflare - Duration: 02:50s - Published
Thousands of Thais rush to sell gold as price soars amid Covid-19 economic slump

Thousands of Thais rush to sell gold as price soars amid Covid-19 economic slump

Thousands of Thais rushed to shops yesterday July 25 to sell their gold as prices of the precious metal soared amid the Covid-19 economic slump.

Footage from the the Chinatown area of Bangkok on Yaowarat Road shows long queues of locals waiting outside shops where they can cash in their gold jewellery.

Economic problems caused by the Covid-19 coronavirus pandemic have seen stock markets plunge and gold prices soar as investors seek out the safe haven.

In Thailand, the price of Thai gold which has a purity of between 23 annd 24 karats - or 96.5 per cent to 99.99 per cent - prices hit new highs.

The surge lead to struggling locals who are looking for liquidity to help them through the pandemic flock to shops to sell their gold jewellery and bars.

Gold prices reached new all time highs of 1,900 USD per ounce on Sunday July 26.

The metal is typically seen as a secure investment during market turmoil.

London's FTSE-100 index closed at 6,123 on Friday July 24, down from highs of 7,674 before the coronavirus struck worldwide in March.


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