Recently, investment markets have faced high uncertainty due to geopolitical conflicts, driving capital into safe-haven assets like gold, which has reached successive new highs.
However, gold prices recently faced heavy selling pressure, dropping last night to a low of $5,099 per ounce. Bitcoin, often called "digital gold," also declined along with other risk assets such as global and Thai stock markets. Overall, global investment funds are shifting, raising the question: where are the opportunities?
Although the global gold spot price reached a record high of $5,594.82 per ounce, on 29 Jan 2026 it closed sharply lower due to profit-taking, falling to $5,099 per ounce. There has been some buying support since then.
At 13:31 local time, domestic gold prices dropped by 4,400 baht, with gold bars selling at 77,100 baht per baht-weight and gold ornaments at 77,900 baht. Prices remained highly volatile during the day, changing 41 times by 13:31.
Analysts at YLG Bullion International Co., Ltd. said the sharp gold sell-off to $5,099 per ounce was driven by weakness in other assets such as U.S. stocks, silver, and copper, which fell sharply. This prompted gold sales to cover margin calls or offset losses in other assets, as well as long-covering in the gold market itself, before prices quickly recovered due to increased economic and geopolitical uncertainty.
The World Gold Council (WGC) reported that global gold demand increased by 1% in 2025 to 5,002 tonnes, a record high, driven by concerns over uncertainty and trade that encouraged increased investment.
Investment demand rose 84% year-on-year, led mainly by ETF funds, offsetting a 21% decline in central bank purchases to 863 tonnes, along with a 19% drop in jewelry demand.
Today's investment climate in global stock markets is clearly subdued, with most major indices falling into negative territory simultaneously, reflecting investors' concerns over financial market volatility.
Selling pressure spread across many regions, turning trading screens predominantly red, signaling a risk-off sentiment dominating global equity markets, such as:
(Data as of 13:28 local time)
In the digital asset market, Bitcoin has shown volatile downward price movement. Although increasingly recognized as an alternative asset that can hedge inflation at times or called digital gold,
Bitcoin's latest price fell to $83,106 at 13:28 local time today, down 6.60% in one day and 8.02% over one week, indicating that most investors still consider Bitcoin a risky asset. In a worsening investment climate, digital assets face selling pressure to maintain liquidity.
Kornpat Worachet, Assistant Managing Director and Head of Research at Krungsri Securities Public Company Limited, told Thairath Money that the overall investment picture, with declines in gold, cryptocurrencies, and stock markets, reflects a period of "resetting" or consolidation.
He assessed that investment funds continue to flow into Asian markets, but currently, it is a pause phase. Therefore, risk assets in Asia remain attractive.
He advised using the current pullback in Chinese and Thai stocks as an opportunity to "defend" positions. For the Chinese market, focus on technology stocks or invest via ETFs tracking Chinese stock indices as primary options.
For the Thai stock market, he recommended focusing on the Infratech theme, with leading stocks including ADVANC, TRUE, and GULF, suggesting accumulation on dips. Other themes include energy stocks such as IVL, GPSC, PTTGC, and BCP, and value plays like BBL, AWC, and CPN as investment options at this time.
Regarding the U.S. stock market, he viewed it as still viable but less dynamic than in previous years, with returns likely around the global market average. The main opportunities in 2026 are expected to be in emerging markets in Asia.
For gold prices, he sees the current period as consolidation, with a key support range between $4,900 and $5,100 per ounce. If prices hold within this range, investors should wait for stabilization before accumulating again. If volatility remains high, it is advisable to monitor the situation further.
Kornpat added that the main factor to watch is U.S. interest rate direction. The Federal Reserve has signaled a balanced approach between the economy and labor market but has not ruled out rate cuts. This may stabilize the recently weakening U.S. dollar in the short term.
Additionally, attention should be paid to the announcement of the new Federal Reserve chair by Donald Trump. Regardless of who is chosen, most are expected to have a more dovish stance than Jerome Powell, which could positively impact investment markets if the appointee is very accommodative.
Read more on stocks and investment at Thairath Money.
Follow the Facebook page Thairath Money at this link.