Precious lifeline: Bullion traders expect the exports of gold to continue surging into 2021. — Bloomberg
BANGKOK: Gold sales in Thailand are surging as households reach for a financial lifeline amid the pandemic, a tactic that risks complicating government efforts to tame an export-stifling rally in the nation’s currency.
Exports of the precious metal surged to a record this year as prices climbed and Thais unloaded jewellery, bars and medallions to raise cash for routine expenses. Bullion traders expect the trend to continue into 2021 as the coronavirus drags on tourism and manufacturing, the mainstays of Thailand’s economy.“Gold is easier to sell than land or condominiums, ” said Pawan Nawawattanasub, chief executive officer of YLG Bullion International, one of Thailand’s top gold traders.
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