Thais rush to buy gold as prices surge to record highs

2026-01-29 - 10:21

Gold prices climbed sharply on Thursday, hovering just below the $5,600 mark as the precious metal extended its record-breaking rally for a ninth consecutive session. Spot gold jumped 2.7% to $5,546.29 an ounce by 0752 GMT, after touching an all-time high of $5,594.82 earlier in the day. In Thailand, domestic gold prices surged by 4,200 baht compared with Wednesday’s close. As of 13:49, gold jewellery was selling at 82,700 baht per baht-weight, according to the Gold Traders Association. Gold bars with 96.5% purity were quoted at 81,800 baht ($2,623) for buying and 81,900 baht ($2,626) for selling, based on the association’s 37th price announcement of the day. Gold jewellery of the same purity was being bought at 80,166.08 baht ($2,571) and sold at 82,700 baht ($2,652). Hua Seng Heng said global gold prices were supported by heightened geopolitical tensions after US President Donald Trump posted on Truth Social on Wednesday, warning of a major naval attack on Iran if it failed to return to nuclear negotiations. The surge in prices prompted a rush among Thai buyers, with gold shops along Yaowarat Road crowded throughout the day. Many customers were seen queuing outside stores, with most seeking to buy gold for short-term speculative gains.