Gold in Thailand

Thai people absolutely love gold, It’s an important part of their culture both symbolically and financially. Gold is dressed, used as religious symbols (Thai temples are covered with gold), given as presents for important occasions. Gold is given to newborns, giving gold is just as important as getting it. The measure of the weight of gold in Thailand is "baht", which weighs exactly 15,244 grams in a bar. All gold transactions in Thailand are executed in fractions of 1 baht. The starting point for jewelry is a quarter baht. Cleanliness is very standard, because without this trade on the basis of multiples of baht would be unfeasible. Thai gold is always 23 carats, which means 96.5% purity. Gold is also often used as a way to accumulate wealth. In the past, the Thais have been very distrustful of depositing their money in banks and many people have kept their savings in the form of gold. As a consequence, all changes in the price of gold, which are published daily in most newspapers, are very important for Thai people. The prices are given both in bars and jewelry and include both purchase prices and sale prices. Unlike many Western countries, you will lose at most 5% of the price of your gold if you sell it back to the store. It is easy to trade merchandise and that's why there are so many jewelry stores in Thailand. The most famous place to buy and sell gold in Thailand is Yaowarat (Chinatown) Bangkok.