ReutersThe baht is likely to appreciate further after it broke 31 to the US dollar to touch its highest level in nearly five years on Wednesday, as gold prices edged towards a once-unthinkable target of US$5,000 per ounce, say currency and gold traders. Locally prices soared by as much as 1,050 baht per baht-weight despite the baht's appreciation in early morning trade, sending gold bar to trade at 71,600 baht by midday following more than 20 price adjustments. Jitti Tangsithpakdi, president of the Gold Traders Association, anticipates domestic prices could reach 75,000 baht. Investors, wary of a broader economic or even military escalation, have responded by aggressively reallocating capital into gold. Central bank demand remains a powerful structural driver as China and Russia continue to accelerate gold purchases as part of long-term de-dollarisation strategies, said Ms Tipa.

Source: Bangkok Post January 21, 2026 23:24 UTC