Thai gold jumps 3,700 baht to record 81,600 on safe-haven rush
Thai gold surged 3,700 baht to a new record 81,600 as global prices jumped on US–Iran tensions. A weaker baht added support.
A weaker baht at around 31.20 per US dollar was also cited as an added tailwind for domestic gold prices.
Thai gold leaps 3,700 baht at the open, hits new record above 80,000
The Gold Traders Association reported that Thai gold prices surged today (29 January), hitting a new all-time high as investors bought safe-haven assets amid rising geopolitical tension. Domestic gold jumped sharply above 81,000 baht.
Global gold prices also spiked in early trading, breaking above $5,500 an ounce and hovering around the $5,514/oz area, driven by safe-haven buying as geopolitical risks intensified. This came after US President Donald Trump warned Iran that a large naval force could be used if Tehran did not return to negotiations for a nuclear deal.
The first domestic gold price announcement on Thursday morning rose in a single move by 3,700 baht to around 81,600 baht. The association noted that yesterday there were 54 price updates in total, with prices rising by 2,900 baht on the day. Thai gold previously reached another record high at around 77,850 baht during the 43rd announcement, at that point up 3,050 baht. The baht opened today at around 31.20 per US dollar, weaker than yesterday, which provided additional support for domestic gold prices.
Reuters reported that global spot gold extended its record run as investors sought safety amid heightened uncertainty and geopolitical tension, with prices racing higher during the session.
YLG said spot gold closed higher by $234.49/oz yesterday and continued to set new records today, moving closer to $5,600/oz as investors looked for safe havens amid geopolitical and economic tension. It cited Trump’s renewed calls for Iran to negotiate a nuclear weapons deal, along with warnings that any future US strikes would be more severe, while Iran threatened retaliation against the US, Israel and their supporters. YLG also noted that the Federal Reserve kept interest rates unchanged on Wednesday, as expected.
Fed chair Jerome Powell stressed that a rate hike is not the Fed’s base case for the next decision, according to the report. Reuters also noted that an additional factor supporting gold was Tether’s plan to allocate 10%–15% of its investment portfolio into physical gold.
