Maximilian Tomei, CEO and joint portfolio manager at Galena Asset Management, agreed that the recent price movements in gold and other precious metals are largely disconnected from underlying fundamentals. He pointed out that the recent increase in gold prices is closely tied to the weakening of the US dollar, as gold is priced in dollars. When the reference currency weakens, the price of gold rises.
The US Dollar Index, which measures the strength of the US dollar against a basket of major currencies, has fallen nearly 11% over the past 12 months. This has contributed to the rise in the price of gold and other precious metals, as investors look for alternative assets to hold.
In Thailand, the price of gold followed the global trend and surged to new highs. On January 29, 2026, the price of gold in Thailand exceeded 81,000 baht per ounce, reflecting a significant increase in the gold market. Gold prices rose sharply by 3,950 baht in a single day, marking a 2,000 baht increase per day over the past few days.
Jitti Tangsithpakdi, President of the Gold Traders Association of Thailand, noted that the Thai gold market is experiencing significant volatility due to the influence of geopolitical tensions, particularly the ongoing conflict with Iran, as well as the unpredictability of US policies under President Donald Trump. This has created a turbulent global economic climate, and the price of gold has skyrocketed in response. Many countries have reduced their reliance on US dollar reserves and started accumulating gold as a safer asset in response to the ongoing uncertainty.
The Gold Traders Association of Thailand has warned investors to be cautious about engaging in short-term speculative trading in such a volatile market. The dramatic rise in gold prices this year has already seen an increase of nearly 17,000 baht since the beginning of the year, a rise far beyond the historical average increase of 8-9% per year over the last 40 years.
Looking forward, analysts predict that if gold prices continue their upward momentum and rise by 40% this year, global gold prices could reach $6,030 per ounce, pushing Thai gold prices to 90,000 baht per ounce. Should the Thai baht strengthen, the price of gold in Thailand could even hit 100,000 baht per ounce.
Experts warn that short-term speculation remains a risky venture, and investors should be aware of the high potential for price corrections in the coming months. For those looking to invest in gold over the long term, it is advised to wait for a price adjustment before making major purchases.
Fetco warns: Trump’s actions stir global chaos, pushing gold up by 3,000 baht daily
Dr Kobsak Pootrakool,, Chairman of the Thai Capital Market Business Council, stated that gold prices have reached unprecedented levels, defying all expectations. Recently, spot gold surged above $5,500 per ounce, while the price of gold bullion in Thailand has surpassed 80,000 baht, averaging a daily increase of 2,000 baht. At times, gold prices have been highly volatile, rising by $100 per ounce on some days, with this trend continuing for several consecutive days.
Additionally, the risk of escalating geopolitical conflicts, particularly the extreme polarization between the US and China, has caused deep divisions between the two powers. The old world order has ended, and we are now entering the “Never Normal” phase, filled with volatility and power struggles of every form. The US has started using sanctions against countries that are allied with or do business with its adversaries, such as Russia, Iran, and China.
As uncertainty increases, the trend of de-dollarization is gaining momentum. Many countries are seeking to reduce their reliance on the US dollar, which has long been the world’s primary liquid asset, due to concerns that reserves may be seized or impacted by financial sanctions. As confidence in the dollar weakens, gold has become the second most liquid asset, with people increasingly choosing it to store value.
Furthermore, major powers like China and India have started selling off their dollars and accumulating gold instead, aiming to diversify their risks in response to tensions with the US.
Gold in Focus for the Next 3 Years
Dr Kobsak also shared his outlook on gold prices in the near future, stating that with the world entering the “Never Normal” phase, we are in the midst of a changing world order. This period will be filled with uncertainty, especially over the next three years, coinciding with the tenure of the current US president. As a result, safe-haven assets like gold are being closely watched amid the global “storm,” and the world is unlikely to return to calm anytime soon.
“The rapid rise in gold prices, increasing by 2,000 baht per day in Thailand, reflects the panic and adjustment to the new world order,” he remarked.
He also warned investors not to bet all their money on gold during such a high-price period. “Do not sell your house or assets to invest, as a sudden market reversal could lead to significant losses. You must assess the risk level. Think of it like swimming – if you’re not good at swimming (low risk tolerance), you shouldn’t venture into strong currents in the gold market right now. But if you want to invest, do so cautiously and in moderation.”