PATTAYA, Thailand – As gold prices have surged to a record high of 44,650 THB per baht, the gold market in Pattaya has experienced a noticeable slowdown, with more sellers than buyers. According to local reports, gold shops, including Thong Dee Yaowarat Gold Shop located on Central Pattaya Road, are currently facing a decline in business.
On November 1, the Gold Traders Association reported that gold prices had fluctuated, dropping by 200 THB from the previous day. The current price for gold ornaments is 44,650 THB per baht, while gold bars are priced at 44,150 THB. This marks the fourth price adjustment for the day.
Banjong Bundhunprayuk, president of the Pattaya-Naklua Gold Shop Association, attributed the volatility in gold prices to the upcoming U.S. elections and ongoing tensions in the Middle East. He noted that while the price has reached historic highs, local trading remains tepid. Many people are opting to sell their gold holdings rather than buy, anticipating further price fluctuations.
Banjong explained that if gold prices drop significantly, he expects a surge in buying activity as consumers seek to invest in gold for future gains. He also suggested that once the U.S. elections conclude, gold prices may stabilize, potentially encouraging more buyers to enter the market.
The current trend indicates that while sellers dominate the market, future price adjustments may attract buyers looking to capitalize on lower prices.
