Buying Gold in Thai Shops

[Chris.B]

My wife says when buying gold a tax must be paid. This is in addition to the gold price displayed?

 

I also understand, if paying by credit card a 3.5% charge is levied?

 

Is there a website that displays the daily gold prices per baht weight for buying and selling? Also are there historic graphs of prices in baht weight available?

 

The prices for gold displayed in the shops are for 23 carat gold only?

Edited November 9, 2021 by Chris.B

[NE1]

The extra money you pay above the price of gold for that day is for the workmanship and labour that went in to making the ring/bracelet/necklace.

Edited November 9, 2021 by NE1

[moogradod]

11 minutes ago, NE1 said:

The extra money you pay above the price of gold for that day is for the workmanship and labour that went in to making the ring/bracelet/necklace.

You can as well buy "non ornament" gold - some sort of bullion - then no workmanship and labour. The 3.5% surcharge for credit cards is new to me. Where did you hear that ?

[jojothai]

For price you go to the thailand gold traders association website.

If i remember correctly it has historical data.

There are plenty of other sites for gold price history, but you need to look for one that gives you in thai baht accurately.

Check a few dates over the last few years to be confident.

I do not recall having to pay any tax ontop of the price when buying or selling in one of the big and reliable companies in bangkok chinatown.

 

[jojothai]

Just now, jojothai said:

For price you go to the thailand gold traders association website.

If i remember correctly it has historical data.

There are plenty of other sites for gold price history, but you need to look for one that gives you in thai baht accurately.

Check a few dates over the last few years to be confident.

I do not recall having to pay any tax ontop of the price when buying or selling in one of the big and reliable companies in bangkok chinatown.

 

I paid cash. Not used credit card.

There is likely to be a surcharge.

Ring a few places to check.

[starky]

Everyone single gold shop has the "spot" price displayed per baht of gold. Some will be exactly on the gold price some will shave a few baht in thier favour. And yes of course paying by credit card will attract some additional fee depending on the card 

[Liverpool Lou]

1 hour ago, Chris.B said:

Is there a website that displays the daily gold prices per baht weight for buying and selling? Also are there historic graphs of prices in baht weight available?

Gold Prices in Thailand for the last 10 years

http://udon-news.com/en/gold/gold-prices-in-thailand-for-the-last-10-years

 

Isn't the internet wonderful!

Edited November 9, 2021 by Liverpool Lou

[Liverpool Lou]

1 hour ago, moogradod said:

The 3.5% surcharge for credit cards is new to me. Where did you hear that ?

Not at all unusual, many merchants charge for using credit cards as they have to pay their bank a charge for accepting them.

[hotandsticky]

No tax on sales except for jewelry.

 

 

http://goldpricez.com/th/baht

 

 

https://thailand505.com/ultimate-guide-to-buying-gold-in-thailand/

 

[digbeth]

Even if you don't buy the jewelry gold, which attracts the 'workmanship' charge over the 'spot' price of gold that day, essentially the shop's commission this is usually 500-1000 baht per baht weight of gold, depending on the intricacy of design and the shop's prestige, hard to calculate into percentage as the commission is charged per weight and the spot price vary daily but this works out to around 2-3% at the current price

 

there's still the 'block charge' if you buy bullions, this is a bit less than the % charged for the jewelry (instead of 500-1000 per baht it's now 500 or less) and can be waived or negotiated if you buy over 5-10baht weight of gold  

[talahtnut]

She will love you too mutt big..  Priceless.

[vandeventer]

16 hours ago, NE1 said:

The extra money you pay above the price of gold for that day is for the workmanship and labour that went in to making the ring/bracelet/necklace.

But if you buy gold bars there should not be a price for workmanship.

[NE1]

3 minutes ago, vandeventer said:

But if you buy gold bars there should not be a price for workmanship.

There is nowhere in the original post about buying gold bars , he just mentioned gold. So being the ever helpful person I am commented on any extras in a gold shop you might incur.

 

You are welcome.....????

[wwest5829]

15 hours ago, Liverpool Lou said:

Not at all unusual, many merchants charge for using credit cards as they have to pay their bank a charge for accepting them.

Even higher if using American Express. Up to the individual business, some do not penalize credit card usage.

[Colabamumbai]

3% on your credit card. No additional taxes. 

[Chris.B]

7 hours ago, talahtnut said:

She will love you too mutt big..  Priceless.

Guaranteed deposits at banks are limited to 1 million baht now. So, looking for other safe ways to save money in these unsettled times. Gold and land seem safe to me. 

[Raphael Hythlodaeus]

For 96.5% Thai gold bars there is only 100 baht difference between the buy and sell price per 1 baht weight. No tax.

Some dealers like Ausiris also sell 99.99% gold from PAMP (Switzerland).

Personally, I have always paid cash and would not pay a credit/debit card commission. I prefer 96.5% 10 baht weight bars and 99.99% 100 gram or 1 Kg bars. 

http://www.ausiris.co.th/content/index/goldprice.html

 

Edited November 10, 2021 by Raphael Hythlodaeus

[timendres]

The 96.5% gold "bars" sold in Thailand are referred to as "baht gold", because they are sold in units of "baht", which is a weight (15.244 grams). The dealers have a "spread" - in other words, you pay more (when buying) than the spot price, and receive less (when selling) than the spot price. This is typically 100 to 300 baht. I would not pay more than that, and would expect 100 or 200 baht from a reputable shop.

 

Personally, in Thailand, I will only buy "baht gold", as these are the most easily sold. Also note that you always want to sell back to the shop you bought from. Selling to a different shop will often mean a bigger hit on the spread. I have never fully understood why this is, and it is not always the case, but I believe it is simply because the shop "knows" their own bars and can trust the assay, whereas another shop may feel the need to assay the bar to confirm its purity and weight. Of course, major "chains" will accept from any of their branches.

[Albert Zweistein]

13 hours ago, Chris.B said:

Guaranteed deposits at banks are limited to 1 million baht now. So, looking for other safe ways to save money in these unsettled times. Gold and land seem safe to me. 

Gold at present rate and land in Thailand ?

[digbeth]

On 11/10/2021 at 7:52 AM, vandeventer said:

But if you buy gold bars there should not be a price for workmanship.

for weight under 5 baht bars, there might be a 'block charge' 

[zzaa09]

On 11/9/2021 at 1:07 AM, jojothai said:

For price you go to the thailand gold traders association website.

If i remember correctly it has historical data.

There are plenty of other sites for gold price history, but you need to look for one that gives you in thai baht accurately.

Check a few dates over the last few years to be confident.

I do not recall having to pay any tax ontop of the price when buying or selling in one of the big and reliable companies in bangkok chinatown.

 

This is true as it applies to many small town or rural situations as well. 

 

[Chris.B]

22 hours ago, Albert Zweistein said:

Gold at present rate and land in Thailand ?

Correct. Is there a problem with that? The land would be farm land.

Edited November 11, 2021 by Chris.B

[Albert Zweistein]

2 hours ago, Chris.B said:

Correct. Is there a problem with that? The land would be farm land.

No problem with that, the real problem is that a foreigner can't buy or own land in Thailand.

Not in a legal way.

[Chris.B]

You are correct! I forgot when I mention buying land.

 

Edited November 12, 2021 by Chris.B