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Bangkok Post

Business

Gold speculators rush to Yaowarat

Bangkok Russia Ukraine Chinatown

Long queues formed outside gold shops on Yaowarat Road in Samphanthawong district, Bangkok, on Thursday. (Photos: Arnun Chonmahatrakool)

Queues formed outside gold shops in Yaowarat, Bangkok's Chinatown, on Thursday, as global gold prices rose with the Russian invasion of Ukraine.

Gold prices were adjusted 17 times on Thursday, up 850 baht on Wednesday.

At 3.05pm, the Gold Traders Association announced the buying prices at 29,122.36 baht per baht-weight for gold ornaments and 29,650 baht per baht-weight for gold bullion.

Selling prices were set at 30,250 baht per baht-weight for gold ornaments and 29,750 baht per baht-weight for gold bullion.

Related: Oil tops $100, havens rally, stocks drop as Russia invades Ukraine

The Russia-Ukraine crisis also caused commodities markets to surge, with Brent oil extending above US$100 a barrel for the first time since 2014. Gold jumped as investors scrambled for safe havens, Bloomberg News reported.

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