With price high, Thais with dwindling incomes sell off gold

BANGKOK (AP) — With gold prices rising to a seven-year high, many Thais have been flocking to gold shops to trade in their necklaces, bracelets, rings and gold bars for cash, eager to reap profits during an economic downturn. In Thailand, where measures against the spread of COVID-19 have been less severe than in other countries, gold shops are de facto financial institutions, and generally remain open. Long lines formed all week outside major gold shops in Chinatown in the capital Bangkok. The sell-off has some gold shop owners claiming they are facing a liquidity crunch, leaving them short on cash to continue purchasing. More details in Friday’s Borneo Bulletin