Gold Market Experts Signal Further Gains as Thailand Positions itself as Regional Hub

 

 

Traders and analysts forecast gold testing at $5,000 an ounce by year-end, citing de-dollarisation and Gen Z demand, while urging investors to manage risk carefully.

 

Industry figures at the Thailand Gold Summit have forecast a bullish end to 2026, with global prices potentially testing the $5,000-an-ounce mark, as a panel of market veterans set out the case for gold's continued rise amid shifting geopolitical and monetary currents.

 

Speaking on a panel titled "The New Gold Era: The Future of Global Finance", which followed the keynote address by Deputy Prime Minister and Minister of Commerce Suphajee Suthumpun, the panellists offered a market-based endorsement of themes she had raised earlier in the day – chiefly, gold's transition from a traditional savings asset to a strategic national one amid deepening global fragmentation.

 

The panel comprised Jitti Tangsithpakdi, chairman of the Gold Traders Association; Nuttapong Hirunyasiri of MTS Gold; and Tanarat Pasawongse of Hua Seng Heng.

 

 

 

 

Year-End Outlook: Towards the $5,000 Milestone

The panellists set out specific technical targets for the remainder of the year, underpinned by geopolitical developments and expectations around US monetary policy.

 

Nuttapong noted that while some major institutions, including Citigroup, had trimmed their forecasts, others — among them Morgan Stanley and JPMorgan — continued to project a long-term target of $5,000 to $6,000 an ounce.

 

Should global prices reach $5,000 with the baht holding around 33 to the dollar, he said, domestic gold could trade at 78,000 to 80,000 baht. Looking further ahead to 2027, he suggested a global price of $6,000 could push Thai gold to an unprecedented 100,000 baht.
 

 

 

 

 

Tanarat offered a narrower near-term range, projecting $4,900 to $5,000 by year-end, while cautioning that prices could swing between $4,000 and $4,200 in the interim. He identified the US midterm elections on 3 November as the key catalyst likely to drive market movement in the final quarter.

 

 

 

A Structural Shift: De-Dollarisation and the Move East

A central theme of the discussion was the migration of gold demand from West to East, reinforcing Ms Suphajee's description of Thailand as the "heart of Asia."

 

Nuttapong said the era of London-centred gold trading was giving way to Asian demand, with China, India and Thailand now ranking among the world's leading physical gold traders.

 

He attributed this in part to a broader trend of de-dollarisation, with central banks — led by China — reducing US Treasury holdings in favour of gold reserves.

 

"For the first time in history, gold has overtaken US Treasuries as the leading reserve asset for central banks globally," Nuttapong said, adding that nations were growing wary of what he called the "infinite" issuance of the US dollar and were instead seeking assets free of counterparty risk.

 

 

 

 

 

The Generation Z Shift and Digital Integration

The panel also pointed to a marked change in consumer behaviour, particularly among younger investors. Tanarat said 19 per cent of Thai Generation Z consumers now save in gold, with many treating it as a secondary income stream to offset inflation rather than a purely traditional store of value.

 

 

 

 

This shift has been supported by rapid growth in Thailand's gold-trading infrastructure, which panellists said now ranks among the most comprehensive in Southeast Asia — spanning fractional purchases from as little as 0.5 grams to regulated leveraged trading via the Thailand Futures Exchange (TFEX).

 

 

 

 

 

Risk Management Remains the Watchword

Despite their bullish price targets, the panellists were consistent in urging caution, echoing warnings Suphajee had issued in her own remarks. Jitti pointed to the extreme volatility already seen this year, with domestic gold hitting a record 81,950 baht on 29 January before undergoing a sharp correction.

 

"Investors should use only 'cool money' — capital they can afford to set aside — and avoid excessive greed," Jitti said, advising that any leverage be kept to no more than two to three times exposure to limit losses in the event of sudden price swings.

 

 

The panel closed by calling for closer, more coordinated collaboration between the Thai government and the private sector – which Nuttapong described as an "Avenger-style" alliance – arguing that aligning policy with market expertise would help Thailand outpace regional rivals such as Singapore and Hong Kong in establishing itself as a leading global gold-trading hub.