Covid-19 resurgence, weak labour market, threats to economic recovery – Bank of Thailand

With job losses and pay cuts brought on by the pandemic, many Thais are lining up to sell their gold to bring in some cash, like 22 year old Suvirat Namvicha, an office worker in Bangkok who had her overtime expenses cut. Survirat, who is also pregnant, says she needed to sell a gold necklace to pay for her medical bills.

“I need money to pay my bills, and selling gold is my best option. I may need to sell my last gold necklace after my baby is born. Looking ahead, I only see rising expenses with limited income.”

Gold exports surged this year. Thais have sold gold jewelry, bars and medallions to get some quick cash for basic expenses. Chief executive officer of Thailand’s top gold grader YLG Bullion International, Pawan Nawawattanasub, says “Gold is easier to sell than land or condominiums.”

“Thai people still have high stockpiles of gold, as the nation has been more of a…