Bangkok: Gold prices are experiencing a significant surge, with the global market anticipating prices to reach as high as $5,400 per ounce.
According to Thai News Agency, this morning witnessed gold prices rising by 1,800 baht, marking a new high for ornamental gold at 74,150 baht per baht weight. Globally, prices are approaching $5,000 per ounce, driven by a Goldman Sachs forecast predicting a climb to $5,400 per ounce.
The Gold Traders Association has reported multiple adjustments to the gold price this morning, with six increases totaling 1,800 baht per baht and two decreases of 150 baht. This fluctuation resulted in a new high in Thailand, where gold bars are priced at 73,350 baht per baht weight, and gold ornaments at 74,150 baht. These changes align with the current GOLD SPOT price of $4,959 per ounce and an exchange rate of 31.27 baht per US dollar.
Recent geopolitical tensions, a weaker US dollar, and anticipated Federal Reserve interest rate cuts have contributed to the rising gold prices. Last night's COMEX February gold futures closed at $4,913.40 per ounce, an increase of $75.90 or 1.57%.
Geopolitically, concerns about Greenland are influencing market dynamics. Although President Trump lifted tariffs on European imports, he announced an agreement with NATO regarding Greenland's security, aimed at countering Russian and Chinese threats. Denmark, however, maintains its stance on Greenland's sovereignty.
Zaner Metals analysts predict that these conditions will continue to support gold prices, potentially reaching $5,000 per ounce. Goldman Sachs has adjusted its year-end 2026 forecast to $5,400 per ounce, citing strong demand from private investors and central banks in emerging markets.
Hua Seng Heng advises investors to sell at resistance levels and await buying opportunities as prices retract to support levels. Current resistance levels are $5,000 (global) and 73,500-73,800 baht (Thai), while support levels are $4,920-4,925 (global) and 72,500-72,900 baht (Thai).
Mr. Pibulrit Viriyaphol of the Gold Research Center noted an increase in the Gold Price Confidence Index for January 2026, rising from 75.42 to 76.18 points. This rise is attributed to demand for safe-haven assets, Federal Reserve policies, speculative buying, trade tensions, and the European-US dispute over Greenland.
The gold price sentiment index for the first quarter of 2026 has also increased, moving from 66.69 to 72.50 points, influenced by similar factors including central bank demand and capital outflows from the US dollar.
In January 2026, gold investments are bolstered by global uncertainties, with geopolitical tensions and US trade policies causing market volatility and prompting investors to seek gold as a safe haven. Short-term strategies should be cautious, while medium to long-term investments in gold remain vital for portfolio diversification in the face of economic and political uncertainties worldwide.
Source: Thai News Agency