Bangkok: Minister Santi Piyathat, attached to the Prime Minister's Office and Chairman of the Consumer Protection Committee, has taken significant steps to ensure fair gold sales and prevent opportunistic behavior amid price volatility caused by the Middle East conflict. The initiative includes inspecting gold shops in Yaowarat (Chinatown) to prevent price gouging and restore consumer confidence.
According to Thai News Agency, Mr. Santi, alongside Mr. Ronnarong Poolpipat, Secretary-General of the Consumer Protection Committee, and representatives from the Department of Internal Trade, inspected gold businesses in Bangkok's Sampanthawong District. This move aims to address potential exploitation in the gold market due to recent global commodity price fluctuations. The Consumer Protection Committee has implemented measures to regulate gold sales and safeguard consumer rights, mandating clear gold ornament labeling and price control enforcement under the Price Control and Service Act B.E. 2542 (1999).
On March 9th, a directive was issued to all provincial governors to implement proactive consumer protection strategies and an action plan. These measures aim to prevent exploitation, especially in essential goods like cooking oil, rice, dried food, and medicines, as well as gold. Businesses are required to provide accurate labeling before sales, with significant penalties for non-compliance, including fines and imprisonment.
Mr. Santi emphasized the importance of consumer rights, urging those who experience unfair treatment to file complaints via the OCPB Connect application or by calling the Consumer Protection Board hotline at 1166. Meanwhile, Mr. Jitti Tangsitpakdee, President of the Gold Traders Association, highlighted the current volatility in gold prices and advised consumers to avoid short-term speculation and weekend purchases when the global market is closed.
Mr. Jitti reassured consumers of fair buying and selling prices in Thailand, with a minimal margin of 200 baht. He also projected the possibility of gold prices reaching 90,000 baht per baht by the third quarter of 2026, contingent on developments in the Middle East conflict.