Thousands of Thais rushed to shops yesterday July 25 to sell their gold as prices of the precious metal soared amid the Covid-19 economic slump.<br /><br />Footage from the the Chinatown area of Bangkok on Yaowarat Road shows long queues of locals waiting outside shops where they can cash in their gold jewellery.<br /><br />Economic problems caused by the Covid-19 coronavirus pandemic have seen stock markets plunge and gold prices soar as investors seek out the safe haven.<br /><br />In Thailand, the price of Thai gold which has a purity of between 23 annd 24 karats - or 96.5 per cent to 99.99 per cent - prices hit new highs. <br /><br />The surge lead to struggling locals who are looking for liquidity to help them through the pandemic flock to shops to sell their gold jewellery and bars.<br /><br />Gold prices reached new all time highs of 1,900 USD per ounce on Sunday July 26. The metal is typically seen as a secure investment during market turmoil.<br /><br />London's FTSE-100 index closed at 6,123 on Friday July 24, down from highs of 7,674 before the coronavirus struck worldwide in March.
