Bangkok: Gold prices are on a notable upward trajectory, with predictions suggesting they may reach $5,000 per ounce globally and stay above 72,000 baht in Thailand. This expectation comes amidst a shift in gold trading to US dollar terms, according to MTS Gold (Mae Thong Suk).

According to Thai News Agency, MTS Gold has identified a series of global events influencing this trend, notably the recent US military invasion of Venezuela. Dr. Kritcharat Hiranyasiri, Chairman of MTS Gold Group, highlighted the impact of geopolitical tensions on today's "Investment Minute" program. He noted that the situation between the US and Venezuela mirrors the conflict between Russia and Ukraine, where gold prices saw a significant 20% increase in a short period. The immediate market response saw gold prices surge by $121 per ounce yesterday, continuing to climb this morning by another $24 to $4,458 per ounce, illustrating its status as a "safe haven asset."

Banks worldwide are bolstering their gold reserves, encouraged by ongoing geopolitical strains, including the Russia-Ukraine conflict. This environment suggests a potential surge in gold prices beyond $5,000 per ounce this year. In Thailand, prices are projected to remain above 72,000 baht.

Regarding taxation, gold traders in Thailand are voicing opposition to proposed taxes on gold trading businesses, arguing it could severely impact the industry. They propose transitioning gold trading to US dollar terms, involving all 14 major gold traders. The group plans to discuss this with the Bank of Thailand, aiming to mitigate potential impacts on the Thai baht and the broader economy. While they support government regulation of online trading, they urge a delay in implementing the tax to allow for adjustments.

The Gold Traders Association has reported three price adjustments today, with a total increase of 200 baht, bringing the global gold price to $4,466 per ounce as of 10:41 AM.