BANGKOK – Gold has long been one of the common gifts given to family members on Chinese New Year. With the economic slowdown this year, many gold shops have introduced smaller pieces or new types of gift products at lower prices to better suit the needs of customers.
At Yaowarat, the Chinantown neighborhood of Bangkok, many Thai-Chinese people came out to purchase gold as Chinese New Year gifts since the morning.
The Gold Traders Association President Chitti Tangsithipakdi, said the gold market at Chinese New Year this year is expected to be less lively than in previous years, with gold bars sold at 26,050 baht per 15.24 grams, and gold ornaments sold at 26,550 baht per 15.16 grams.
With the economic slowdown resulting from the COVID-19 crisis affecting many businesses, gold shops have introduced smaller aticles of gold, such as necklaces of the 12 Zodiac signs, as well as gold gift cards, with the least expensive unit sold at around 3,000 baht per 3.8 grams, serving as a more affordable option for customers.
Gold prices in Thailand are expected to decline in the future, with the selling price possibly going below 25,000 baht per 15 grams due to the global economic slowdown. These prices may also fluctuate according to the new policies from the Biden administration in the United States. (NNT)
