BANGKOK, THAILAND – A new record in global and domestic gold prices triggered a rush on gold shops in Bangkok, with stores in the capital’s Chinatown packed throughout Thursday.
Global gold price extended record rally
The international spot price for gold rose by 2.7 percent on Thursday morning to 5,546.29 US dollars per ounce, after previously reaching a new all‑time high of 5,594.82 dollars. This extended the metal’s record‑setting rally for a ninth consecutive trading day, as analysts viewed the move as part of a broader shift by investors towards safe‑haven assets in uncertain times.
Domestic prices in Thailand jumped sharply
In Thailand, domestic prices climbed even more strongly. According to the Gold Traders Association, gold products became 4,200 baht more expensive compared with Wednesday’s close. At 1:49 p.m. local time, gold jewelry with a fineness of 96.5 percent was sold at 82,700 baht per baht‑weight, the traditional unit used in the Thai gold trade.
Quotes for bars and jewelry
Gold bars with 96.5 percent purity were traded at 81,800 baht (around 2,623 US dollars) for buying and 81,900 baht (about 2,626 dollars) for selling, based on the 37th price announcement of the day by the Gold Traders Association. Jewelry of the same purity was bought at 80,166.08 baht (roughly 2,571 dollars) and sold at 82,700 baht (about 2,652 dollars).
Geopolitical tensions supported prices
The precious metal benefited from a tense geopolitical backdrop, according to analysis firm Hua Seng Heng. The experts pointed to a message from US President Donald Trump on the Truth Social platform on Wednesday, in which he warned of a massive naval deployment against Iran if Tehran did not return to new negotiations over its nuclear program.
“Global gold prices were supported by rising geopolitical tensions.”
said Hua Seng Heng, an analysis house.
Crowds and queues in Bangkok’s Chinatown
The price jumps triggered a gold rush along Yaowarat Road, the main shopping street in the city’s Chinatown district, where shops reported heavy crowds throughout the day. Long queues formed in front of many stores, with numerous customers lining up even before opening hours. According to traders, most buyers were not seeking long‑term value preservation but were aiming for quick gains.
Speculation raises risk of future losses
Store operators said the majority of customers wanted to purchase gold for short‑term speculative profits. This increased the risk that sharp price swings could lead to future losses if the rally were to reverse.