Contrary to the trend of rising gold prices, gold shops in Chiang Mai are bustling as many people rush to withdraw money to buy gold. "Gold bars" Gold shop owners expect prices to possibly surge to 80,000 baht per baht weight this year.
On 22 Jan 2025 GMT+7, reporters reported that record-high gold prices have energized gold shops around Waroros Market, Mueang District, Chiang Mai Province. Many people are buying gold bars as assets, with many withdrawing savings from banks to buy gold for long-term investment due to better returns than bank interest rates, confident that gold prices will rise further.
A gold shop owner revealed that the recent price surge has led to fewer people selling gold, as many sold when prices ranged between 40,000-50,000 baht per baht weight. Those still holding gold are waiting to sell later, believing prices will be higher. He expects prices may reach 80,000 baht per baht weight this year.
The atmosphere for buying gold as Chinese New Year gifts this year is relatively quiet. The high gold prices have reduced buyers, and those who do buy tend to choose smaller weights. Some have turned to purchasing other items instead of gold due to affordability.