PATTAYA, Thailand – Gold prices in Thailand surged again, reaching new record highs in line with rising global gold prices, fueled by fears of a global trade war. The Thai baht has strengthened to its highest level in six months, slightly curbing the gold price rally domestically.
According to the Gold Traders Association, as of 10:00 AM on April 17, gold prices in Thailand fluctuated five times since yesterday (April 16), rising three times and falling twice, with a net increase of 500 baht per baht-weight. Gold bars are now sold at 52,450 baht per baht-weight, while gold ornaments are priced at 53,250 baht per baht-weight — the highest ever recorded in Thailand. This is based on a global spot gold price of $3,340 per ounce and an exchange rate of 33.19 baht per U.S. dollar, marking the strongest Thai baht in the region since October last year. Analysts noted that without the baht’s appreciation, domestic gold prices would have climbed even higher.
YLG Bullion & Futures Co., Ltd. stated that on April 16, gold prices soared by $112.54 per ounce to hit a new all-time high of $3,357.58 per ounce. This spike was mainly driven by escalating U.S.–China trade tensions. President Trump recently ordered a review of import tariffs on critical minerals, seen as a move to pressure China further. Investors have since turned to gold as a safe-haven asset.
Gold prices were also supported by a weakening U.S. dollar following remarks by the U.S. Federal Reserve Chairman at the Economic Club of Chicago, indicating signs of a slowing U.S. economy. The SPDR Gold Trust also increased its gold holdings by 4.02 tons, signaling continued capital inflows into gold ETFs.
Analysts believe that if gold holds above $3,334, it could continue to climb. However, with gold in overbought territory on long-term charts, profit-taking could occur. A drop below $3,334 could signal a loss of momentum. The advised strategy is to take partial profits if prices fail to break above $3,363–$3,374. If these levels are surpassed, traders should consider holding with a trailing stop. Buying is considered risky unless prices dip without falling below $3,298. A break below $3,298 would shift focus to the $3,266–$3,200 support range, with a stop-loss at $3,200.
In New York, gold futures for June delivery on COMEX surged by $106 or 3.27%, closing at $3,346.40 per ounce — a new all-time high — bolstered by the weak dollar and a rush toward gold as a safe-haven asset amidst U.S.–China trade war fears.
Reuters quoted Lukman Otunuga, senior research analyst at FXTM, who noted that gold remains supported by the weak dollar and trade uncertainty. He said the psychological barrier of $3,300 could drive prices toward $3,400 or even $3,500. However, a positive turn in trade negotiations or profit-taking could lead to a price correction.
