Nakhon Ratchasima locals flock to gold shops as prices hit historic high

Nakhon Ratchasima locals rushed to gold shops to sell their precious metal after its price reached a historic high on Tuesday.

The buying price of gold bars and ornaments reached 46,950 baht and 46,101.56 baht as of press time, fuelled by demands for a safe haven as new tariff threats amplify the trade war and concern about inflation intensifies. 

New tariffs were announced on Sunday, including an additional 25% tariff on all steel and aluminium imports, with President Trump signing the Executive Order to this effect on Monday.

More than 20 gold shops near Thao Suranari Monument in Mueang district were crowded with people who came to sell their precious metals. Police have been deployed to disrupt thieves and robbers’ plans to commit their crimes.



Nakhon Ratchasima local Boonkerd Wattanakul said she was surprised by the rise in gold price, noting that the price was around 18,000 baht two years ago.

She explained that her decision to sell a 50-satang weight necklace and two 50-satang weight rings came as she needed to use money. She expects the gold price to rise further.

Suthep Nattakarnkanok, adviser to the Gold Traders Association in Nakhon Ratchasima, said many customers came to sell gold at his gold shop after the price of precious metals hit 30,000 baht.

However, he pointed out that the rise in gold price also caused a decline in purchases, as ordinary people were unable to access precious metals. They were also afraid of purchasing gold ornaments due to concerns over safety, he said.

He noted that six to seven gold shops in Nakhon Ratchasima were closed due to rising gold prices due to difficulties in generating profits. At least 10 gold shops would be closed if the gold price rises further, he added.

(2025/02/11-00:00)