Gold: A Powerful Asset Revealed in the 5-Trillion-Baht Gold Shop Business Kingdom — Who Is Number One in This Arena?

Amid the ongoing surge and record-breaking all-time highs in global gold prices, Thailand's gold shop industry has emerged as a key focus reflecting enormous transaction values.

Recent data from Land and Houses Bank research reveals an overview of the rapidly growing competition and revenue; in Q3 2025, Thailand's gold consumption volume increased by 20.3%.

Exploring the gold shop business kingdom: Who ranks number one in this competitive field?

Data compiled for 2024 (total revenues 2022–2024) shows a clear market concentration in Thailand's gold shop sector, with the top five players dominating the majority of the national market as follows.

• Rank 1: Hua Seng Heng Commodities holds the largest market share at 51.7%, with total revenue exceeding 2.66 trillion baht.
• Rank 2: Intergold Goldtrade commands an 11.9% market share with revenues of 610 billion baht.
• Rank 3: Aurora Trading holds an 8.4% market share, earning 430 billion baht in revenue.
• Rank 4: Bestton Gold Trading accounts for 4.4% of the market, with revenues of 220 billion baht.
• Rank 5: Osiris holds a 2.4% market share and generates 120 billion baht in revenue.

These top five operators alone cover nearly 80% of the total market revenue, reflecting the strength of large players well-equipped with trading systems and gold stock management amid price volatility.

In-depth on revenues: Large businesses surge while smaller ones still face challenges.

Examining the total revenue structure of gold businesses by size (Small, Medium, Large) from 2022 to 2024 reveals notable differences.

1. Large businesses experienced tremendous growth, with total revenues soaring to 5 trillion baht in 2024, a 56.0% increase from the previous year, driven mainly by active investment bar gold trading amid rising global gold prices.
   
   
2. Medium-sized businesses showed steady growth, with revenues rising 5.6% to 74.5 billion baht in 2024.
   
   
3. Small businesses faced a slight decline, with total revenues falling 2.0% to 67.2 billion baht in 2024 compared to the prior year.

The main reason small operators struggle is the continued sluggish demand for gold ornaments, their primary income source, due to domestic purchasing power pressures, ongoing cost of living burdens, and high household debt levels.

Additionally, soaring and volatile gold prices have led many consumers to "sell gold" holdings to realize profits or increase liquidity rather than purchase new gold ornaments.

The revenue figure surpassing 5 trillion baht among large operators confirms that "gold" remains a powerful asset in Thai perception amidst economic uncertainty.

However, this growth is concentrated among large gold shops that have successfully adapted to online investment models, whereas small local shops must urgently adjust to maintain customer bases amid intensifying competition in this record-breaking gold price environment.

Gold prices in 2026: An upward trend amid New Normal volatility.

Land and Houses Bank research, citing expert analysis, forecasts that gold prices in 2026 will remain "on an upward trend but highly volatile," driven not only by falling interest rates but also by various structural factors such as.

• De-dollarization: Central banks worldwide, especially in emerging economies, are accelerating gold accumulation to reduce dependence on the US dollar.
• Geopolitics: Geopolitical uncertainties and international conflicts make gold an indispensable safe-haven asset.
• Increased speculation: Prices will experience sharp swings due to movements by ETFs and speculative investors.

Who will stay, who will go?

The key for gold shops to survive in 2026 is revenue restructuring—from relying solely on "premium fees" to shifting toward "investment business and related services." Small shops must compete with unique strategies, such as selling lightweight gold with low per-piece value or partnering with major platforms to reduce technology costs. The 2026 gold market will no longer be a place for luck but an era where entrepreneurs and investors must focus on precise price risk management and timing, as gold prices stabilize at high levels with wide volatility, becoming the New Normal in the financial world.

Source: LH Research

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