If you have been considering buying gold in Thailand, January, 2020 may not be the best time to do that.
That is because gold prices in Thailand have just hit an almost seven-year high after the United States’ drone strike and subsequent assassination of Iranian general Qasem Soleimani late last week.
Since the assassination, tensions between the U.S. and Iran are at their worst in several years, and are expected to worsen even more in coming weeks as Iran decides if and how to retaliate.
That is why gold prices in Thailand are also expected to increase even more than they already have.
At least according to Tipa Nawawattanasub, chief executive of YLG Bullion and Futures Co.
She expects gold prices to remain high through at least the United States’ election in November. Should any other attacks or an Iranian retaliation occur, gold prices would likely increase even further.
Today’s gold prices in Thailand — January 6th, 2020
Thai gold prices have risen in the last week by approximately 350 baht per baht weight to their current rate of 22,500 baht for bullion and 23,000 baht for gold ornaments.
Some analysts think prices will go even higher in coming months, with several in the United States stating they expect to see gold prices there rise from their current level of $1,574 per ounce to more than $1,750.
If the same increase were to be seen in Thailand, that could see an increase of over 2,000 baht per baht weight later in the year.
If tensions between the U.S. and Iran should escalate, these projected price increases could occur quickly or even be surpassed.
You can keep an eye on gold prices in Thailand today, and throughout 2020, at Gold Price.
Where to buy Thai gold?
If you would like to buy Thai gold, however, the best place to do that is in one of the gold shops in Chinatown in Bangkok. Here you will find the best prices, the highest quality gold and the most knowledgeable staff.
Remember, if you do buy gold in Thailand, it is not the 18K gold you will find in the west. Instead, gold in Thailand has more purity than gold in the west, which is usually mixed with other metals to make it stronger.
That makes Thai gold closer to 23K gold and also a softer metal.
It is also why gold you buy from any shop in Thailand is much more yellow in color than what you may be used to in the west.
Other reading: Why do Thais purchase and hold so much gold?