Thai gold hits new all-time high as prices surge in September

This increase was driven by growing demand for gold as a safe-haven asset, protecting against global economic uncertainties.

At the start of September, Thai gold prices rose by 800 baht, marking a new record of 54,200 baht per baht weight (as of 3.50pm on September 3). Meanwhile, international gold prices hit a new all-time high of US$3,537.50 per ounce.

This price increase follows a period of consolidation from April to August, after Thai gold reached an all-time high of 54,800 baht per baht weight in April, and international gold reached US$3,496 per ounce. Following this, prices had remained relatively stable until the surge in early September.

Key factors supporting the rise in gold prices include concerns over the US economy, the ongoing trade war with various countries, potential increases in US tariffs, and the risk of inflation. These economic pressures, alongside escalating geopolitical tensions between Russia and Ukraine, have led investors to seek gold as a safe-haven asset.

Preepong Chatthong, Assistant Director of the Gold Research Centre at the Gold Traders Association, shared that Thai gold prices could easily surpass 54,800 baht per baht weight if economic risks become more pronounced and the US Federal Reserve (Fed) continues to cut interest rates.

Tipa Nawawattanasub, CEO of YLG Bullion and Futures, noted that international gold prices have reached new highs, following US President Donald Trump’s announcement of a 50% tariff on India, which stirred trade tensions between the two nations. This geopolitical instability has led to an increase in demand for gold as a secure investment.

Additionally, the potential for the Fed to reduce interest rates, combined with weaker US employment data, has strengthened the case for gold. Fed Chairman Jerome Powell’s comments at the Jackson Hole conference also suggested that interest rate cuts may be imminent, further supporting gold prices.

For 2025, the target for international gold prices remains between US$3,500 and US$3,700 per ounce. Having already tested the US$3,500 level twice, any sustained movement beyond this level, supported by positive fundamentals, could lead to targets of US$3,600 and US$3,700 per ounce, Tipa said.

Kritcharat Hirunyasiri, Chairman of MTS Gold Group, also revised their target for international gold prices to US$3,650 per ounce, an increase of US$200 from previous forecasts, following the recent surge above US$3,500 per ounce. 

This confirms the shift towards a new upward trend in gold prices, bolstered by Trump’s uncertain tax measures and the anticipated Fed interest rate cuts in mid-September.

Looking ahead, gold prices are expected to find support at US$3,475 per ounce, with short-term resistance between US$3,510 and US$3,530 per ounce—levels that investors should closely monitor.