Listen to this articleAuthorities are trying to probe a possible link between gold prices and the baht, though some officials think the argument is overblown. Data from 2025 indicates the baht and gold prices had a correlation coefficient of 0.8-0.88, the highest among emerging Asian currencies. When global gold prices rise significantly, Thai households and even exporters tend to sell their gold holdings to take profits. "The large increase in online gold trading was a factor causing the baht to fluctuate excessively in line with gold prices. There is a possibility gold transactions can be completed using cryptocurrency or via offshore affiliates, which is beyond government oversight.

Source: Bangkok Post January 16, 2026 23:11 UTC