Gold prices in Thailand have risen sharply, reaching 60,000 baht per Baht, with hopes it may soon even hit 70,000.
Gold shops in Warorot Market are reporting busy trade as people bring their gold in to sell as well as speculators who are rushing to buy.
“One customer came in and bought 30 Baht worth of gold as he believed that he would make more money than any money saved in banks,” Chat Soontornpaibul, owner of Golden Eagle Shop told CityNews.
“People have a lot of confidence in gold right now.”
He went on to speculate that gold will reach 70,000 baht by the end of next year but said that many smaller shops have stopped purchasing gold now as they fear a cash crunch. However, larger shops are all still doing a brisk trade.
