Gold at Bangkok's Chatuchak Weekend Market

Question

The gold at Bangkok's Chatuchak weekend market is pretty cheap, is it real? The sellers say it's 22k solid, but I'm not so sure. I couldn't find any solid info on the net.

Answer 1

You can check the front page of the Bangkok Post for Gold prices (currently 13850 baht).  or $411 for one baht of gold.  Any price close to but higher like $440 would be a reasonable price to pay for one baht or 15.4 oz 22K gold.  If someone were offering a discount from that I would be very careful. http://www.bangkokpost.com/index.php

If you buy it, get a receipt and immediately take it gold shop and ask to sell it, if they offer you 12,000 baht or so you'll know its good.  If its no good get the tourist police.

Much better is to go to a reputable shop.  The price of Baht gold is controlled by the Government so your not going to get too much of a deal on price no matter where you go. Red building with gold lettering are gold shops and purchase gold with your credit card.

Answer 2

Yes, the gold there is inexpensive- but the quality can be less than what you tought it was.  22k gold can actually be less pure- 18k or less.  Since you have no way of analyzing the quality of gold there on the spot, you're better off saving your baht and going to a reputable gold/jewelry dealer instead.  There is a whole section at the MBK shopping mall dedicated to gold jewelry- check it out if you have the chance.  I'd be very wary of buying gold from a small flea-market-type stall at a weekend only market.

Answer 3

The best advice that I have been given in regards to buying gold is to buy it at one of the red- and gold  colored shops.  They (supposedly) have the best value for the money.  They also have listed the buy and sell price of gold baht displayed prominently in the store.

Answer 4

why not try to buy the gold in the china town area?

there's lot of gold shop there, although i don't know about the quality. but i think they are better than the seller in the chatuchak