BoT and gold traders to discuss ‘gold trading’ rules amid global surge
Central bank plans to oversee gold trading, especially baht-based app deals, to ease baht pressure as prices surge. Traders await details.
Amid geopolitical tensions and capital flows into safe-haven assets, gold has become increasingly prominent again. With gold prices rising steadily and holding above $5,000 an ounce, Thai gold prices have climbed above 75,000 baht per baht-weight.
This has left the “central bank” — the Bank of Thailand (BoT) — facing an even tougher challenge: moving to oversee gold trading, especially baht-denominated transactions via applications, to reduce pressure on the baht as gold prices continue to rise.
Jitti Tangsitpakdee, president of the Gold Traders Association, said the group of 14 gold traders is still waiting for clarity, as there are no official details yet on what form the supervisory measures will take or the scope of enforcement.
As a result, gold traders are not yet able to assess the impact clearly because information remains incomplete. What all sides are hoping for is clear operational guidance from the BoT so that businesses can adjust appropriately and avoid disrupting existing management systems already in place.
On market conditions, he said global gold prices have risen far more strongly than expected. Spot gold has now broken above $5,000 an ounce, and there is a chance it could rise to $6,000 an ounce this year. The main driver has been geopolitical tensions, particularly between Iran and the United States, which has heightened investor anxiety globally and pushed funds into gold as a safe-haven asset.
With domestic gold prices already above 75,000 baht per baht-weight, he suggested that investors with “cold money” — funds not needed in the near term — can still accumulate gradually. The long-term outlook still offers potential returns, but he urged greater caution, as a sharp rally can lead to short-term consolidation.
Kritcharat Hirunyasiri, chairman of MTS Gold Mae Thong Suk Co Ltd (MTS Gold), said that a discussion between the BoT and gold traders will take place today (28 January). He said it would be an important step towards reaching a shared conclusion, as the outcome of the proposed new measures cannot yet be clearly finalised.
He acknowledged that some measures under consideration could become an additional cost burden for gold traders. In practice, however, the industry is working in parallel to adjust internal systems to prepare for any regulatory approach that may be introduced in the future.
On the proposal to use the US dollar for gold trading, he said that while there has been an effort to push the idea forward, it cannot be implemented at present due to a lack of clarity and constraints related to legal issues and certain technical details. As a result, it cannot yet be put into practice.
For this year’s gold outlook, he said prices have risen far more strongly than expected, prompting him to raise his global gold target to $6,400 an ounce from a previous view of around $5,000 an ounce. That would be equivalent to Thai bullion prices of about 88,000 baht per baht-weight. The main factor underpinning this gold cycle is what he described as a “loss of faith in the US dollar”, which he sees as a long-term structural tailwind.
“We are beginning to see a reduction in holdings of US government bonds and US dollars, while many countries and investors are increasing their gold holdings,” he said. “In addition, the trend towards US policy-rate cuts — which has not yet fully fed through into gold prices — could become an additional tailwind in the next phase.”
He said gold’s price action this year has been notably aggressive. In just one month, the rise has been close to the magnitude of the increase seen across an entire quarter last year. Since the start of 2026, global gold prices have risen by about 16%, while domestic gold prices have increased by roughly 12–13%, or around 8,000–9,000 baht per baht-weight.
From an investment-strategy perspective, he recommended that investors increase gold’s share in their portfolios and manage their exposure using a blended approach, combining short-term trading with longer-term positioning.
