Khon Kaen Residents Rush to Buy Gold, Undeterred by Potential Losses amid Price Plunge

Khon Kaen residents are fearlessly purchasing gold, rushing to buy gold bars amid a significant price drop of 6,000 baht, with hopes of future price recovery to 80,000-100,000 baht. When gold prices fell to 68,200 baht per unit by early afternoon on February 2nd, 2024, the local gold market experienced heavy volatility after global gold spot prices dropped below 4,440 US dollars per ounce. By afternoon, prices rebounded slightly to 70,000 baht. At gold shops like Uthen in Khon Kaen municipality, many people were buying gold bars, anticipating potential profit during the price downturn. Eaklak, the 47-year-old shop owner, explained that today's dramatic price drop was influenced by potential changes in Federal Reserve leadership and dollar confidence. He noted that while gold had previously reached 81,000 baht, the current market volatility presents opportunities for strategic buying.