PATTAYA, Thailand – Gold prices could rise by as much as 40% this year to around $6,030 per ounce, potentially pushing Thai gold prices close to 90,000 baht, according to Jitti Tangsithpakdee, President of the Gold Traders Association of Thailand.
Jitti said global gold prices continue to benefit from escalating trade tensions and geopolitical conflicts, noting that prices have already climbed by roughly $1,000 per ounce since the beginning of the year. Current drivers include tensions between the United States and Iran, while future risks may stem from a possible U.S. government shutdown.
“If Donald Trump remains in office, there is still room for gold prices to rise further, as unexpected events are likely to continue,” Jitti said, adding that the current market conditions are unlike anything seen in the past 40 years.
Historically, gold prices have risen by an average of 8–9% per year, but in 2025 prices surged by as much as 65%. So far this year, despite not yet completing a full month, prices have already climbed around 20%, he said.
Jitti acknowledged that current price movements appear abnormal, driven by unusually rapid and sharp fluctuations. He cautioned short-term speculators to be alert to the risk of a sharp price correction, while maintaining that long-term investment prospects remain positive as long as geopolitical uncertainty persists.
“Today, prices jumped more than $200 without a clear fundamental reason, likely due to fund speculation,” he said. “Within just one hour of market opening, prices changed 12 times, reflecting extreme volatility.”
