Global gold fever continues as central banks hoard; Thai imports surge over 207 tonnes in 9 months

The global gold market remains on an upward trajectory as investors and central banks worldwide flock to the metal as a “safe-haven asset” amid economic uncertainty and rising geopolitical tensions.

According to the World Gold Council (WGC), global gold demand in the third quarter of 2025 soared to 1,313 tonnes – the highest level on record – in both value and trend terms.

Central banks have significantly expanded their gold reserves, underscoring the shift from viewing gold merely as jewellery or a precious metal to recognising it as a key element of their strategic holdings against crises.

Thai gold imports up 42 % y-o-y

In Thailand, both imports and domestic investment interest in gold have surged in tandem with global demand. Data compiled by the Commerce Ministry’s ICT Centre and the Customs Department show that, during the first nine months of 2025 (January–September), the country imported 207,937 kilograms (207.93 tonnes) of gold – up from 146,580 kilograms (146.58 tonnes) in the same period last year.

The import value rose 18.48 % to 462.72 billion baht from 390.55 billion baht in 2024.

Top five sources of Thai gold imports (Jan–Sep 2025):

1. Switzerland – 115.73 billion baht (-27.83 %, 25.0 % share)
2. Hong Kong – 97.78 billion baht (-19.10 %, 21.1 %)
3. China – 90.83 billion baht (+670.75 %, 19.6 %)
4. United Arab Emirates – 80.47 billion baht (+763.04 %, 17.4 %)
5. Singapore – 24.24 billion baht (-1.24 %, 5.2 %)

Jewellery exports surge 62 %, but value hides real slowdown

Thailand’s gem and jewellery exports totalled 719.35 billion baht in the first nine months of 2025, up 62.42 % year-on-year.
Top five export markets were:

1. United States – 59.69 billion baht (+13.9 %)
2. Singapore – 55.89 billion baht (+65.6 %)
3. Germany – 15.13 billion baht (+0.5 %)
4. United Arab Emirates – 14.00 billion baht (+122.5 %)
5. Lao PDR – 13.15 billion baht (+176.5 %)

However, industry insiders warn that this apparent boom is misleading.

Most exports consist of unwrought gold – essentially bullion traded for speculation – which accounts for over half of total jewellery and gem exports during the period.

Exports of finished gold jewellery, which generate jobs and domestic value-added, reached 79.79 billion baht in the first nine months of 2025, only 8.25 % higher than a year earlier (73.71 billion baht).

Unwrought gold exports nearly double in value

Exports of unwrought gold reached 108,682 kilograms (108.68 tonnes) worth 364.55 billion baht, an 89.36 % jump from 192.51 billion baht in 2024.

Top five markets for Thai unwrought gold exports:

1. Switzerland – 187.45 billion baht (+201 %, 51.4 % share)
2. Cambodia – 80.07 billion baht (+5.3 %, 22.0 %)
3. Singapore – 48.45 billion baht (+64.1 %, 13.3 %)
4. Lao PDR – 12.75 billion baht (+171.2 %, 3.5 %)
5. Hong Kong – 10.60 billion baht (-24.0 %, 2.9 %)

A source from the jewellery-manufacturing sector cautioned that the headline export growth of over 62 % is largely a statistical illusion, driven by speculative trade in bullion rather than by real manufacturing output.

“While gold prices have surged, exports of finished jewellery are actually declining, forcing many factories to cut staff,” the source said, adding that the industry faces rising costs and thinner margins despite record export figures.