Major gold traders to shift gold trading to US$ within six months

Plan aims to ease baht pressure as gold flows surge

Fourteen major gold trading firms have agreed in principle with the Bank of Thailand (BOT) to move gold trading into US dollars in an effort to reduce pressure on the baht, which has strengthened sharply, according to a leading trader. 

Dr Kritcharat Hiranyasiri, chairman of MTS Gold Group (MTS Gold), also known as Mae Thong Suk, said the proposal was discussed with the BOT on January 6, 2026, as part of efforts to curb volatility from gold trading that affects the exchange rate. 

Four measures under discussion with the Bank of Thailand

Kritcharat said the talks produced four preliminary approaches:

• Switch trading from baht to US dollars: The 14 firms plan to develop a new online gold trading system, changing the trading currency from baht to US dollars (USD). The stated goal is to cut pressure on the baht by at least 60%, particularly from large-value buyers. 
• Roll-out within six months: The new system is expected to be completed within six months, though firms that are ready earlier could start using US$-denominated trading immediately. 
• Make US$ access easier via FCD or wallet channels: The industry wants the BOT to simplify conversion from baht into US dollars through foreign currency deposit (FCD) accounts or a wallet-style system to reduce steps for retail customers. 
• Public communication: Gold traders plan to work with the media to explain why US$-based trading is being introduced and how it could reduce broader economic impacts.

Who will be affected—and who will not

Kritcharat said the move is intended to target large-volume trading rather than the entire market:

• Large traders (main target): Those with monthly volumes of around 700 million baht, or purchases of 5–10kg per transaction or more, with the aim of shifting as much high-value demand as possible into the US$ system.
• Small and mid-sized buyers: Expected to be largely unaffected and can continue trading in baht at gold shops as usual.
• Corporates: Not part of the measure, as they already operate within established tax and financial frameworks.

Gold outlook: uptrend still intact, trader says

Kritcharat said he still sees a clear uptrend in gold, setting a global target of US$5,000 per ounce within 2026, which could push domestic gold prices to test 72,000 baht, according to his assessment.

In the near term, he attributed part of the recent surge to geopolitical tensions, and said gold could test US$4,530 per ounce within January if the situation remains prolonged. He added that markets are also watching the US Federal Reserve’s interest-rate decision later this month.

Investment view: “buy on dips” and key support levels

Kritcharat reiterated his advice to “wait to buy on pullbacks”, citing key support levels at 65,000 baht and 64,500 baht, and describing the 63,500–64,000 baht range as a particularly strong base. He said he has not seen clear signs of a full-blown bubble burst, noting that the 63,500–64,000 baht area has held after multiple tests.