Thailand is one of those countries where gold consumption is generally on the higher side, because the economy of the country is based on tourism and every year millions of people from across the world visit here and buy gold jewellery, which raises the demand of gold in the country. Given the fact Thailand is one of the popular foreign tourist destinations for Indians, it becomes imperative for them to have information about buying gold in that country and for that they need to know gold rate in Thailand.
Since Thailand offers visa on arrival to indians, every years millions of indian tourist visit popular places in the country such as Pattaya and Bangkok which are hub of exclusive jewellery stores.
Given below table provides you with gold price in both Indian rupees and Thai Baht currency so that you can easily compare both. These rates are in grams for 22, 23 and 24 carat pure gold.
From last 10 years, gold import on the country has been close to 180 tonnes per year which makes it the 5th largest consumer of gold in the world after India, China, Brazil, and Turkey with 7% stake in overall gold demand of all the countries in the world.
According to a report published by WGC, the estimated amount of household gold in Thailand is over 3600 tonnes, that shows how popular yellow metal is in the country. It certainly have a strong influence how the economy of Thailand runs.
The increasing demand of gold is not a new phenomena, because Thailand has a long history of huge gold demand and according to economists it is expected to remain the same, unless the government impose new restriction on gold import. The reason why the demand is on higher side is because of Thailand’s deep cultural heritage.
There are hundreds of gold jewellery shops you can see on streets of Bangkok filled with exquisite jewellery designs that you won’t find anywhere else. On the other side the gold mining industry of Thailand is not a big one, but the government has been working on it grow quickly to reduce dependency on imports from other countries.
Mining of gold in the country has untapped potential but due to lack of technology and resources, it remains restricted. However, home gold production is increasing from year 2001 and in 2014 it has grown to 34% which is quite a significant improvement. Even though gold is small commodity in Thailand’s market, but it still has its own significant role it plays, and that direct affects gold price in Thailand.