Thailand Gears up for Motor Show as Pandemic Restrictions Ease

Bangkok on Tuesday prepared to host its twice-postponed annual auto show. (Reuters)
Bangkok on Tuesday prepared to host its twice-postponed annual auto show. (Reuters)
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Thailand Gears up for Motor Show as Pandemic Restrictions Ease

Bangkok on Tuesday prepared to host its twice-postponed annual auto show. (Reuters)
Bangkok on Tuesday prepared to host its twice-postponed annual auto show. (Reuters)

Thailand’s capital on Tuesday prepared to host its twice-postponed annual auto show, with organizers saying it would showcase the country’s success in containing the coronavirus.

From Detroit to Geneva, motor shows have been forced to cancel due to the COVID-19 pandemic, throwing the future of the industry’s traditional way of marketing new models into doubt.

The 41st Bangkok International Motor Show opens to the public on Wednesday after being pushed back twice since March.

“This is more than the motor show, but also Thailand’s reputation because the other event organizers will be watching,” said Prachin Eamlumnow, chief executive of head organizer of the event, Grand Prix International.

Thailand will be the first to host a motor show on this scale since the pandemic, he told reporters.

Thailand has had no locally transmitted cases of COVID-19 for about seven weeks and has been easing restrictions imposed to tackle the outbreak, seeking to get its economy moving again.

The Southeast Asian country is a major regional car production hub, with its previous motor shows registering more than a million visitors.

Organizers have pledged to limit crowds this year and control entry at the show, where 25 car brands - including Ford and Subaru - and 22 motorcycle manufacturers will display their products.

Each brand’s booth has entry and exit points and guests are required to scan a QR code, a type of barcode, with their mobile phones when entering and leaving, unlike at previous shows when people could roam freely.

Staff at the booths will also be wearing masks or face shields during the show, which runs from July 15 to July 26.

“The government allowed us to hold it, but we still must be very careful,” said Prachin.



Gold Hits Four-week Peak on Safe-haven Demand

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
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Gold Hits Four-week Peak on Safe-haven Demand

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk

Gold prices rose to a near four-week high on Thursday, supported by safe-haven demand, while investors weighed how US President-elect Donald Trump's policies would impact the economy and inflation.

Spot gold inched up 0.4% to $2,672.18 per ounce, as of 0918 a.m. ET (1418 GMT). US gold futures rose 0.7% to $2,691.80.

"Safe-haven demand is modestly supporting gold, offsetting downside pressure coming from a stronger dollar and higher rates," UBS analyst Giovanni Staunovo said.

The dollar index hovered near a one-week high, making gold less appealing for holders of other currencies, while the benchmark 10-year Treasury yield stayed near eight-month peaks, Reuters reported.

"Market uncertainty is likely to persist with the upcoming inauguration of Donald Trump as the next US president," Staunovo said.

Trump is considering declaring a national economic emergency to provide legal justification for a series of universal tariffs on allies and adversaries, CNN reported on Wednesday, citing sources familiar with the matter.

Trump will take office on Jan. 20 and his proposed tariffs could potentially ignite trade wars and inflation. In such a scenario, gold, considered a hedge against inflation, is likely to perform well.

Investors' focus now shifts to Friday's US nonfarm payrolls due at 08:30 a.m. ET for further clarity on the Federal Reserve's interest rate path.

Non-farm payrolls likely rose by 160,000 jobs in December after surging by 227,000 in November, a Reuters survey showed.

Gold hit a near four-week high on Wednesday after a weaker-than-expected US private employment report hinted that the Fed may be less cautious about easing rates this year.

However, minutes of the Fed's December policy meeting showed officials' concern that Trump's proposed tariffs and immigration policies may prolong the fight against rising prices.

High rates reduce the non-yielding asset's appeal.

The World Gold Council on Wednesday said physically-backed gold exchange-traded funds registered their first inflow in four years.

Spot silver rose 0.7% to $30.32 per ounce, platinum fell 0.8% to $948.55 and palladium shed 1.4% to $915.75.