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For Thailand’s Covid-hit economy, all that glitters is not gold as baht rallies

Gold sales in Thailand are surging as households reach for a financial lifeline amid the pandemic, a tactic that risks complicating government efforts to tame an export-stifling rally in the nation’s currency.Exports of the precious metal surged to a record this year as prices climbed and Thais unloaded jewellery, bars and medallions to raise cash for routine expenses. Bullion traders expect the trend to continue into 2021 as the coronavirus drags on tourism and manufacturing, the mainstays of…

Read the original article at South China Morning Post

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