Gold rush as Lao prices drop
The recent drop in gold prices on the Lao market has brought buyers out in droves to purchase gold jewellery while it remains cheap.
According to gold shops in Vientiane, sale prices yesterday were at 5,060,000 kip per baht-weight for gold jewellery – down about 500,000 kip per baht-weight on previous months.
Buying prices yesterday closed at 4,812,500 kip per baht-weight.
On world markets, gold prices in New York fell by 6.9 percent or US$87.80 to US$1,286.20 per ounce on June 20.
Meanwhile on the Hong Kong exchange, prices fell to US$1,290.20 per ounce from US$1,336.80 per ounce on June 21.
According to gold traders, large numbers of buyers have visited gold shops in Vientiane to purchase gold jewellery and bars as an investment.
Some shops at the Talatsao Mall were stripped bare of all of their wares as a result of the gold rush.