Thai gold prices rise, gold rush part deux

People in Bangkok are rushing to Yaowaraj, this time to sell off their gold for a quick profit after the Thai Gold prices have increased to 13,700 Baht per 1/2 ounce yesterday, making it the highest selling price this month.



There was a gold rush on September 11th, after the gold prices fell to their lowest this year, at 12,600 Baht. People who bought gold back then are now making a profit of almost a thousand Baht for every Gold Baht (1/2 ounce) they sell.

Since the Lehman Brothers crisis, investors are investing in gold and avoiding the stock market. Gold prices fluctuated a lot after foreign financial institutions sold off their shares and invested in gold. Fluctuating prices were caused by world gold prices which are changing by 30 to 40 US dollars in a single day.

Jitti Tangsithipakdi, president of the Thailand Gold Traders Association, said the gold situation was critical and price adjustments are taking place twice on some days.

You can check the Thai gold prices daily at the official website of the Gold Traders Association of Thailand (Thai: สมาคมค้าทองคำ). This is a direct link to the English language version of the website, but you can find more news and information about Thailand's gold market in the Thai version of the website. If you want to view the historical gold prices, you can switch to the Thai version and click on the link with the Thai word "ราคาทองคำ" or "ราคาทองคำแท่ง".

Warning: Profit-takers and investors, beware of fluctuating prices!