Apr 23, 2013

Thai people rushed to buy gold after global price dropped

News reported a large number of Thai people nationwide tried to buy gold, after a sudden drop in global price caused around 3,000 Baht price reduction (per "one Baht by weight" or 15.2 gram) in addition to the recent down trend since few months earlier, which would have caused a loss of around 6,000 Baht.  Meanwhile, small gold-trading shops reportedly closed since they initially purchased gold at higher price and did not want to sell as a lost.

Pawn shops are also badly affected. With drastic gold price reduction below the previous pawned values, pawn shop owners estimated that customers up to 40% might not return to claim their golds and pay back the loans. However, pawn shops would keep gold for long term so that they would not lose money.

Ref: Than News

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