The retail gold market in Vientiane, Laos, witnessed an unusual surge in activity as locals flocked to purchase gold, anticipating a price drop on July 28. The increased demand led to some stores, including the prominent “Khamphouang” gold shops, selling out of stock.
Online media outlet “Tolakong,” which has over 1.4 million followers, shared images of empty display cases at a Khamphuwong store. The post’s caption humorously asked, “How did it go, everyone? Did anyone make it in time today?” The post garnered over 5,300 reactions, 535 shares, and 1,100 comments, with many users expressing astonishment at the rapid sales.
In response to the overwhelming demand, Khamphouang temporarily suspended the gold purchasing feature on their Easy Gold app on July 28, announcing that it would resume on Monday, July 29, at 10 AM. However, functions for selling and withdrawing gold remained active.
The rush for gold in Vientiane became evident on July 26, following a continuous drop in gold prices since July 22. This trend was highlighted in a video posted by the “Lao Thai” page, showing long lines outside the Khamphouang branch at the I-Tech shopping center. The post described the scene as a “gold festival,” noting that people were selling their gold and jewelry due to fears of further price declines.
In another clip shared by “Tolakong,” a bustling crowd was seen outside the Khamphouang branch at the Morning Market, with the caption explaining that people were both buying and selling gold in response to the falling prices.
According to Khamphouang’s official page, on July 26, 2024, the buyback price for gold jewelry was 24,660,000 kip per baht, and for gold bars, it was 24,930,000 kip per baht. The selling price for gold jewelry was 25,569,000 kip per baht, and for gold bars, it was 25,460,000 kip per baht. This was a significant decrease from the prices on July 22, 2024, where gold jewelry was bought back at 29,860,000 kip per baht, and gold bars at 30,180,000 kip per baht, with selling prices at 30,769,000 kip and 30,710,000 kip per baht, respectively.
