Gold Traders Association eyes special gold price; up over 1,000 baht per baht-weight
Global bullion’s sharp jump is pushing Thai retailers to reassess weekend pricing, as shops pause gold bar trading amid heightened Middle East tensions.
- The Gold Traders Association is considering an unusual weekend price adjustment due to a surge in global gold prices.
- The price spike is driven by escalating Middle East tensions following an Israeli attack on Tehran, Iran.
- The anticipated domestic price increase is over 1,000 baht per baht-weight, reflecting a global jump of US$150-250 per ounce.
- In response to the volatility, most gold shops have temporarily suspended the buying and selling of gold bars.
Jitti Tangsithpakdi, president of the Gold Traders Association, told Thansettakij that Sunday (March 1), the association may need to announce an adjustment to domestic gold buying and selling prices, despite the market normally being closed on Saturdays and Sundays, after global gold prices have already risen by more than US$100 per ounce.
This follows a fresh surge in tensions in the Middle East after Israel launched an attack on Tehran, Iran’s capital, yesterday (February 28, 2026), amid an unresolved dispute over Iran’s nuclear programme.
He said the developments would inevitably affect gold prices. With the attack having taken place, he expects gold prices to rise by US$150–250 per ounce, or more than 1,000 baht per baht-weight of gold for domestic selling prices.
He added that the latest attack was more severe than the incident in Venezuela, when the president was captured. Iran, meanwhile, has been preparing, viewing the situation as a war that could widen, with the incident potentially escalating further.
However, he said the Middle East situation must be closely monitored to see whether it escalates, as it will affect gold prices both globally and domestically.
He also said that most gold shops have now announced they will not buy or sell gold bars. If they buy, they may be accused of taking advantage of consumers because the situation is still “in between”; if they sell, they risk losses. Gold shops have therefore announced a suspension of gold bar buying and selling.
