Gold a Powerful Asset: Unveiling the 5-Trillion-Baht Gold Shop Empire—Who Is Number One in This Battlefield?

Amid the global gold market’s sustained heat and continuous record-high prices (All-Time High), Thailand’s gold shop industry has become a focal point reflecting enormous trading value.

According to the latest research report from Land and Houses Bank, the competitive landscape and revenue have soared dramatically, with Thailand’s gold consumption volume increasing by 20.3% in the third quarter of 2025.

Unveiling the gold shop business empire: Who leads this battlefield?

Data compiled for 2024 (only companies reporting financial statements continuously for 3 years) shows a clear market concentration in Thailand’s gold shop sector, with the top five players dominating most of the national market as follows.

• Rank 1: Hua Seng Heng Commodities leads with the highest market share of 51.7%, generating total revenue exceeding 2.66 trillion baht.
• Rank 2: Intergold Gold Trade holds an 11.9% market share with revenue of 610 billion baht.
• Rank 3: Aurora Trading has an 8.4% market share and revenue of 430 billion baht.
• Rank 4: Bestton Gold Trading controls 4.4% of the market with revenue of 220 billion baht.
• Rank 5: Osiris holds a 2.4% market share, generating revenue of 120 billion baht.

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

Digging into revenue: Large businesses soar, but small operators still face challenges.

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

1. Large businesses: This group has experienced massive growth, with total revenue in 2024 reaching 5 trillion baht—a remarkable 56.0% increase from the previous year—driven mainly by lively investment-grade gold bar trading amid rising global gold prices.
   
   
2. Medium businesses: Show steady growth, with revenue rising to 74.5 billion baht in 2024, up 5.6%.
   
   
3. Small businesses: Experienced a slight revenue decline, totaling 67.2 billion baht in 2024, down 2.0% from the previous year.

The main reason for difficulties among small operators is the continued sluggish and contracting demand for gold ornaments—the traditional primary income source for gold shops—due to domestic purchasing power pressure, incomplete economic recovery, high living costs, and elevated household debt.

Additionally, soaring and volatile gold prices have led many consumers to "sell gold" they hold to realize profits or improve liquidity rather than buying new gold ornaments.

The revenue surpassing 5 trillion baht among large operators confirms that "gold" remains a powerful asset in the eyes of Thais amid economic uncertainty.

However, this growth is concentrated in large gold shops adept at shifting to online investment models, while small local shops must accelerate adaptation to retain customers amid intensified competition in an era where gold prices frequently set new records.

Gold price outlook for 2026: Upward trend amid New Normal volatility.

Land and Houses Bank research, referencing expert analyses, forecasts that "gold prices in 2026" will remain "on an upward but highly volatile trajectory," driven not only by interest rate cuts but also various structural factors such as:

• De-dollarization: Central banks worldwide, especially in emerging economies, accelerate gold accumulation to reduce dollar dependence.
• Geopolitics: 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 and who will go?

The key to survival for gold shops in 2026 lies in restructuring revenue streams—from relying solely on "making fees" to embracing "investment business and related services." Small shops must compete using unique strategies such as selling low-weight, low-value gold or partnering with major platforms to reduce technology costs. In 2026, the gold market will not be for the hopeful but an era where operators and investors must focus on precise price risk management and timing, as gold prices stabilize at high levels with wide volatility, becoming the financial world’s New Normal.

Source: LH Research

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