Bangkok: The president of the Gold Traders Association acknowledges the rapid and strong rise in gold prices, with the price of Thai gold expected to reach 59,000 baht by the end of the year. Thai gold prices hit a new record high, opening the market with a surge of 550 baht. Thai gold prices reached 57,300 baht, following the continued high global gold price. The president of the Gold Traders Association welcomed the gold price’s faster and stronger rise than expected, with the price potentially reaching 59,000 baht by the end of the year.

According to Thai News Agency, the Gold Traders Association reported that the gold price opened this morning at 9:04 a.m. with an immediate increase of 550 baht. Gold bars were bought at 56,400 baht and sold at 56,500 baht. Gold ornaments were bought at 55,273.36 baht and sold at 57,300 baht, reaching a new record high. As of 9:49 a.m., the price had already been adjusted three times. Gold bars were bought at 56,300 baht and sold at 56,400 baht. Gold ornaments were bought at 55,167.24 baht and sold at 57,200 baht.

While the Gold Spot price opened at $3,756/ounce, it continues to set new all-time highs. Since the beginning of 2025, the price of gold has soared by more than 40%.

Mr. Jitti Tangsitpakdee, President of the Gold Traders Association, stated that the key factors driving gold prices to new highs remain the weakening US dollar, central bank gold purchases, the Fed’s accommodative monetary policy, which is expected to cut interest rates two more times in 2025, each by 0.25%, following the first 0.25% cut on September 17th, as well as concerns about economic and geopolitical uncertainty. Previously projected to reach US$3,800 per ounce by the end of this year, prices have risen faster and more rapidly than expected. He estimates that gold prices will surpass US$3,800 per ounce by the end of the year, while Thai gold prices are likely to reach 58,000-59,000 baht.

Investors holding gold may find it profitable to sell for short-term profits, but caution is advised. A price correction is possible if the price is hit, but it is unlikely to fall sharply.