Bangkok: The Gold Traders Association forecasts that gold prices will reach 70,000 baht next year, even as the baht strengthens.
According to Thai News Agency, gold prices have surged, with gold bars hitting 66,050 baht and gold jewelry reaching 66,850 baht, following significant gold purchases by China’s central bank. The Gold Traders Association reported an immediate increase of 900 baht in gold prices today, with gold bars being bought at 65,850 baht per baht and sold at 65,950 baht. Ornamental gold is being bought at 64,530.12 baht per baht and sold at 66,750 baht per baht. The global gold price currently stands at US$4,483.50 per ounce.
As of 2:34 PM, domestic gold prices have adjusted nine times, rising by a total of 950 baht. The buying and selling prices for gold bars are 65,950 baht and 66,050 baht per baht, respectively, while ornamental gold is being bought at 64,627.08 baht and sold at 66,850 baht per baht. The global gold price has slightly increased to US$4,484.00 per ounce.
Mr. Worachai Tangsitphakdee, Deputy Secretary-General of the Gold Traders Association, explained that the sharp rise in gold prices was influenced by the People’s Bank of China’s gold purchases in November, amounting to $900 million – the highest for the year. He noted that central banks, including the PBOC, continue to acquire gold. Additionally, geopolitical tensions, such as the US attack on Venezuelan oil tankers, have contributed to the price increase. As the year ends, some funds are closing positions, reducing trading volume and potentially causing price volatility.
The market expects an upward trend in gold prices in 2026, driven by geopolitical factors and increased purchases by central banks. Prices could reach $4,900-$5,000 per ounce globally next year, potentially pushing domestic prices to 69,000-71,000 baht per baht weight. While the strengthening Thai baht remains a concern, it is anticipated to stabilize prices around the 70,000 baht mark.
Regarding recent discussions with the Bank of Thailand (BOT), Mr. Worachai mentioned that the BOT sought information on gold trading by importers due to significant impacts on the Thai baht. No conclusions have been reached, and further discussions are expected after the New Year.