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Thais sell off gold for cash as price reaches new high


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People in Thailand’s capital queued up this morning (Wednesday) at gold shops along the Yaowarat Road, widely known as Bangkok’s Chinatown, to sell their gold for cash, because gold prices continue to reach new heights as the Russia-Ukraine conflict affects global oil and gold prices.


At 12.56pm today, the buying price of gold bullion increased to 31,850 baht and was selling at 31,950 baht, according to the Gold Traders Association. The gold adornment buying price increased to 31,275.08 baht and the selling price reached 32,450 baht.


The Gold Traders Association predicted that gold prices would increase to 32,000-33,000 baht if the Russia-Ukraine conflict continues.


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Full Story: https://www.thaipbsworld.com/thais-sell-off-gold-for-cash-as-price-reaches-new-high/


-- © Copyright Thai PBS 2022-03-09

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11 hours ago, worgeordie said:

Many of the smaller gold shops I suspect will be finding

excuses not to buy, 

regards worgeordie

Exactly, many shops had signs up yesterday saying they had no money to buy.

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56 minutes ago, edwinchester said:

Exactly, many shops had signs up yesterday saying they had no money to buy.

That's why it's best to have your gold or silver stored at a mint.

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