Thailand‘s demand for gold ornament has touched a new peak in a 21-year period, thanks to the recent plunge in gold prices.
Thanarat Possawong, managing director of Hua Seng Heng Gold Futures, said that some bought the ornaments as accessories while others bought them for future uses – like as engagement endowments.
He said that gold ornaments supply is dwindling.
“It’s the first time in 21 years that Hua Seng Heng has to increase the gold ornament-making capacity, from 3,000 necklaces a day to 5,000. Right now, all products are snapped up quickly. Gold ornaments now account for 35 per cent of total gold sale,” he said.
When gold prices were on the rise, gold bars were in high demand.