Thailand
More Thais making online gold purchases
The value of gold savings owned by Thais on online platforms rose 60-70% in the first quarter of 2023 from a year earlier as global prices rose by more than 8% during the period, while domestic gold prices hit a record, according to YLG Bullion International Co.
Thailand’s leading manufacturer and exporter of authentic gold jewellery and gems anticipates gold prices will remain volatile, exceeding US$2,000 if the dollar continues to weaken, said chief executive Pawan Nawawattanasap.
“The number of people who bought gold on our platform YLG Gold Saving increased 60% year-on-year in the first quarter, while new gold trading accounts on YLG Gold Wallet on the Pao Tang app rose by more than 70%,” she said.
Both services are accessible to all groups of investors. YLG Gold Saving requires a minimum investment of only 100 baht in the form of cumulative savings.
The service is open every day and investors can set their own gold purchase price by monitoring real-time price movements.
“Investors can buy gold savings at their desired price 24 hours a day following simple steps on their smartphones or other devices,” said Ms Pawan.
“If the amount of gold accumulates to 1 gramme or more, investors can choose to redeem and take the gold, withdraw in cash or continue to save.”
The Gold Wallet service on the Pao Tang app, which provides gold trading services in dollars, protects against currency fluctuations and investors can exchange currency on the app conveniently.
The app also provides recommendations for investors to gradually accumulate gold for long-term investment amid ongoing global economic uncertainty, she said.
“The price of gold has cycles, giving investors the opportunity to buy and make a profit if they can follow the market rhythms,” according to YLG.
“Our online gold buyers are collectively invested in a cost-averaged investment model, partly in a long-term manner and partly saving gold for speculation.”
Most Asians, including Chinese and Indians, have a preference for gold as an asset, said the firm.
Thailand is the third-largest buyer of gold in Asia, after China and India, which meant YLG’s online platforms have been well received by Thai customers, according to the firm.
YLG partnered with Krungthai Bank to increase service channels for YLG Gold Wallet via the Pao Tang app. The service offers 99.99% gold trading, which is the global standard, helping buyers to mitigate the risk of baht volatility.
Ms Pawan said YLG forecasts volatile short-term swings in the price of gold after it rose sharply in early April, with a support level of copy,969-1,949 per ounce and a low level of copy,949 last month. The resistance level is $2,004-2,014.
“When gold prices edge down, investors can accumulate the metal for the medium and long term. The price direction is likely to trend upward because the global economy is weakening,” she said.
The domestic gold price is expected to move in a range of 31,550-32,600 baht per baht weight at an exchange rate of 34.17 baht to the dollar.
Source: https://www.bangkokpost.com/business/2561425/more-thais-turn-to-online-gold-purchases