Thailand's longstanding love affair with gold has taken a modern twist as millions of Thais embrace online gold trading. With over 6,000 shops selling jewelry and gold bars across the nation, the allure of gold remains strong. However, it is the digital realm that is capturing the attention of younger generations. This shift is largely facilitated by Krungthai Bank's Paotang app, which enables users to invest in gold with a minimum initial investment of around 6,000 baht ($180).
The appeal of online trading is evident among younger Thais who are increasingly buying and selling gold online. Signboards throughout Bangkok's bustling Chinatown promote various apps for trading gold, highlighting the digital trend. This trend is further fueled by gold's impressive 30-month bull run, with prices reaching $2,000 per troy ounce in early 2023.
Siri, a 39-year-old office worker, represents the new wave of digital investors. Introduced to gold by her sister, she made her first gold purchase in early 2023 using the Paotang app. The app's user-friendly interface and low entry barrier make gold trading accessible for first-time investors.
The majority of gold trading now takes place online, marking a significant shift from traditional methods. This evolution is emblematic of Thailand's adaptation to technological advancements while maintaining its cultural affinity for gold. Millions of Thais are now engaging in this digital marketplace, further cementing gold trading as a popular activity in the country.
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