Bangkok: YLG expects Thai gold prices to reach 56,000 baht this year. Thais are among the top 10 gold buyers globally, with demand surpassing 21% in the first half of 2024.
According to Thai News Agency, Ms. Pawan Nawawattanasap, Chief Executive Officer of YLG Bullion International Co., Ltd. (YLG), stated that YLG indicates that gold prices are on the rise. Despite the recent all-time high of surpassing US$3,500 per troy ounce, there is still potential for prices to climb to the upper target of US$3,700 per troy ounce. Domestic gold bullion prices are likely to reach 56,000-57,000 baht per baht of gold.
Thai gold demand in 2024 ranked among the top 10 globally and top 4 in Asia. Demand is expected to surge in 2025, with consumption demand reaching 20.7 tons in the first half of the year, a 21% increase compared to the same period last year. However, a recent survey found that 97% of Thai investors invest in gold. Of this group, 20% invested without having previously purchased gold, while 77% invested after having previously purchased gold. Meanwhile, only 3% declined to consider investing and buying gold, citing limited knowledge and purchasing ability.
This includes a lack of awareness of affordable and accessible gold investment options, and nearly half of gold investors are concerned about gold products themselves, such as counterfeit goods, unguaranteed purity, and safe gold storage. YLG, part of the Gold Traders Association, is promoting the establishment of the Thailand Online Gold Trade Regulatory Organization (SRO), a self-regulatory organization that ensures consumer protection and long-term confidence based on international standards.