Thai gold falls Bt3,950 after record 102 price adjustments
Thai gold swung a record 102 times on March 23 before closing Bt3,950 lower, with the Gold Traders Association warning of further downside.
Gold prices on Monday (March 23) alarmed investors nationwide after the Gold Traders Association announced as many as 102 price adjustments in a single day, marking the most frequent revisions ever recorded.
In the final adjustment before the market closed at 5.03pm, gold prices had fallen by a total of Bt3,950 compared with the previous trading day’s close.
Gold bullion prices
Buying price: Bt66,300.00 per baht-weight
Selling price: Bt66,500.00 per baht-weight
Gold jewellery prices
Buying price: Bt64,975.76 per baht-weight
Selling price: Bt67,300.00 per baht-weight
World gold price (Gold Spot)
Stood at US$4,259.00 per ounce
The extreme volatility began from the opening session in the morning, when Gold Spot prices in the world market came under heavy selling pressure. This, combined with sharp movements in the baht, forced the Gold Traders Association to revise domestic prices almost minute by minute.
Jitti Tangsitpakdee, president of the Gold Traders Association, told Bangkokbiznews that the gold market was currently facing severe volatility and was behaving in an “abnormal” way compared with past market patterns.
He said that, particularly during periods of geopolitical tension or war, gold prices would normally be expected to rise. This time, however, prices had instead fallen sharply.
As of 1.22pm, domestic gold prices had already fallen by more than Bt3,250 in total. At the market open, when the situation was still unclear, prices had already dropped by Bt1,850 before continuing to slide.
At that point, bullion prices were around Bt67,200 per baht-weight, while global gold prices had plunged by as much as US$223 compared with the previous day’s close.
As for the main pressure factors, Jitti admitted that they were difficult to explain rationally. However, he pointed to one important signal: the strengthening of the US dollar, which had recently moved above the 33-baht level, directly weighing on gold prices.
Even so, compared with the start of 2026, gold prices are still close to their earlier level. However, they have fallen significantly from the highs seen previously in January 2026.
Another closely watched issue is the behaviour of major gold funds, particularly SPDR Gold Trust, whose movements have run counter to the price trend. During January and February 2026, the fund bought a combined 29 tonnes of gold, but in March 2026 it sold more than 40 tonnes at prices below its earlier cost base.
This has raised speculation that the market may have been pushed down to prompt retail investors to sell, before large funds return to buy again at lower levels.
Jitti advised short-term investors to hold back and monitor the situation closely, as the market remains highly uncertain and lacks clear fundamental support. Long-term investors may gradually accumulate, but should avoid rushing in with large sums, as there remains a possibility that gold prices could fall by another US$100 or more in the next phase.
“The overall gold market is currently in a highly abnormal state due to pressure from the currency and the movements of large funds. Investors should therefore exercise particular caution in making investment decisions,” Jitti said.
