Cash-strapped Thais rush to sell gold as Covid-19 hits economy

Bangkok

CASH-STRAPPED Thais rushed to sell gold in Bangkok's Chinatown, on Thursday, cashing in on a surge in the price of the precious metal as the novel coronavirus outbreak pulls the economy into a recession, with millions losing jobs.

Many Thais keep some savings in gold and at a time of hardship are taking advantage of a recent rise in the benchmark global price to US$1,722 an ounce, a seven-year high. In Thai baht, prices hit an all-time high this week.