Gold Rush at Yaowarat as gold prices fall

Bangkokians have been flocking to Yaowarat Road in Chinatown to buy gold since yesterday, after gold prices fell to their lowest this year. Chinatown is an old business district in Bangkok lined up with many small streets and alleys full of shops selling gold and all types of goods around Yaowarat and Charoen Krung Road. It has been the Chinese community's main trading center.



Thailand's gold price fell to 12,650 Baht per 1/2 ounce yesterday, that's the lowest selling price this year. Lots of people headed to gold shops in Chinatown and other parts of Bangkok to purchase gold bars and various gold jewelry. Many gold shops reportedly sold out all their gold bars.

Today the Thai gold prices have dropped by another 50 Baht to reach 12,600 Baht, another new low this year. The real-time gold prices are lower than 12,600 Baht, but most gold shops don't follow real-time prices, instead update their gold prices on an hourly basis.

In Thailand, all gold chains, necklaces, bracelets and other gold jewelry items are called "Baht Gold". Gold is sold as "Baht Units" which is approximately 15.16 grams or 1/2 ounce in weight.

I have personally been to several gold shops in Yaowarat Road and seen gold bars being sold in units of 1 Baht, 5 Baht, 10 Baht and 20 Baht, though the 1 Baht gold bars are sold in very few shops.

Thailand's gold is 96.5% pure gold by product weight (23K), which makes it one of highest gold content jewelry products produced anywhere in the world today. This is why Thailand's gold receives worldwide recognition.