Cash-strapped Thais rush to sell gold as coronavirus hits economy

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 earn profits during an economic downturn.

BANGKOK (Reuters) - 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 new 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.