Gold breaks US$5,000/oz as US–Iran tensions rise; Thai gold gains THB2,100
Spot gold jumped back above the US$5,000 mark on safe-haven buying, while domestic prices rose THB2,100 after 32 updates, with gold bar selling at THB75,700.
- The global gold price has surpassed US$5,000 per ounce, reaching US$5,053 due to safe-haven buying.
- This price surge is primarily driven by escalating US-Iran geopolitical tensions, specifically the US military downing an Iranian drone.
- Reflecting the global trend, gold prices in Thailand experienced a significant one-day increase of THB 2,100.
- The high price is also supported by continued gold purchases from global central banks seeking to diversify their reserves away from the US dollar.
Summary of gold prices on Wednesday (February 4, 2026), latest update from the Gold Traders Association of Thailand.
The association announced 32 price adjustments, with the market closing at 5.08pm, resulting in an overall increase of THB2,100 for the day compared with February 3.
Gold bar (96.5%)
- Buying: THB75,500.00 per baht-weight
- Selling: THB75,700.00 per baht-weight
Gold jewellery
- Buying: THB73,995.96 per baht-weight
- Selling: THB76,500.00 per baht-weight
Global gold price (Gold Spot)
- US$5,053.00 per ounce
Analysis
YLG Bullion and Futures Co., Ltd. (YLG) said Wednesday's gold price rebounded above US$5,000 per ounce, supported by safe-haven buying amid escalating geopolitical tensions.
Al Jazeera reported that the US military shot down an Iranian drone after it flew close to a US aircraft carrier in the Arabian Sea, supporting demand for gold as a hedge.
Meanwhile, the Greenland prime minister said the United States still wants to take control of Greenland, even via diplomatic channels, underscoring continued geopolitical uncertainty weighing on market sentiment.
The World Gold Council reported that central banks worldwide continued buying gold. In December 2025, net purchases totalled 19 tonnes, bringing full-year purchases to 328 tonnes, led by Uzbekistan, Kazakhstan and Poland, while China extended its gold-buying streak for a 14th consecutive month, reflecting a trend of diversifying reserves away from the US dollar.
On the price outlook, analysts at IndusInd Securities see gold potentially testing US$5,100 in the short term and moving towards the US$5,600 zone in the first half of the year.
Investors should closely monitor ADP private-sector employment data and PMI figures, as these may affect interest-rate expectations, the US dollar, and the next direction of gold prices.
Investment strategy
- Open a short position if the price fails to break through US$5,140–US$5,098 per ounce.
- Cut losses if the price breaks above US$5,140 per ounce, and wait to sell at a higher level.
- Buy back if the price holds above US$4,883 per ounce
- If it breaks below, delay buying back and consider re-entering if it holds above US$4,711–US$4,596 per ounce
