New gold regulations announced

New gold regulations announced

 

The Anti-Money Laundering Office (Amlo) has introduced new regulations for gold traders amid soaring global gold prices.

The Gold Traders Association said on Wednesday that people who want a gold transaction worth 700,000 baht or more must now show their identification cards to gold shop operators.

Gold traders must also inform the Anti-Money Laundering Office if they buy or sell gold worth two million baht or more in cash.
The new regulations take effect on Thursday, Aug 25.
The association at 4.56pm today announced the buying price at 25,772.00 baht per baht-weight for gold ornaments and 26,150 baht per baht-weight for gold bar.
The selling prices were set at 26,150 baht per baht-weight for gold ornaments, and 26,250 baht per baht-weight for gold bar.

High gold prices have prompted many Burmese migrant workers in Thailand to sell gold they brought with them from their home country, hoping for a handsome profit, but a gold trader warns that Burmese gold is often of low purity.

The warning came from Somchai Chongnittayakan, owner of a gold shop in the Andaman Sea province of Ranong where there is a large population of Burmese workers, both legal and illegal.

He said many Burmese had come to his shop wanting to sell their gold.

Mr Somchai said had rejected the Burmese gold after checks showed it was only 91% or 92% pure.

The two standards of gold sold and bought in Thailand were 100% and 96%, he said.

Mr Somchai warned the other shops to thoroughly check the quality before buying any Burmese gold from customers.

Fake gold was also becoming a big problem, he said. If a customer looked even slightly dubious the gold shop would be better advised not to buy it.

Three common tests to tell if the gold is genuine are - a close visual examination, rubbing it with a stone to examine the metal beneath the surface, and testing the gold with fire, which is the most accurate method of all, said Mr Somchai.