During times of severe stock market volatility—whether due to trade wars, geopolitical uncertainties, or unpredictable interest rate trends—it is well known that "gold" serves as a safe haven asset that investors often turn to for portfolio risk diversification.
For those already investing in Thai stocks, opening a separate account to buy physical gold bars or gold funds might seem cumbersome. Therefore, the Stock Exchange of Thailand offers "Gold DRs" that can be traded on the same Thai stock exchange.
The advantage is convenience: easy to buy using your existing stock account without needing a new app or complicated fund transfers.
However, when searching for "GOLD" in the trading platform, you find as many as six Gold DR options: GOLD03, GOLD19, GOLDM01, GOLDUS03, GOLDUS19, and GOLDUS80.
Each is issued by different securities firms and references different gold ETFs. So which one should you pick? How do they differ? Thairath Money has summarized the details.
Factors to Compare Before Choosing a Gold DR
Before diving into details, it’s important to understand that these six Gold Depositary Receipts (DRs) do not directly track the "global gold price".
Instead, they reference "gold ETFs" listed on foreign stock exchanges, so investors should compare various factors carefully.
- Which ETF is referenced? Although all invest in gold ETFs, the specifics and trading currencies differ, including fees and management expenses at the source.
- Liquidity can be gauged by trading volume and bid-ask spreads; higher liquidity means easier trading and prices closer to fair value.
- The conversion ratio determines how many units of the underlying ETF each DR unit represents, affecting the DR price in the Thai market.
- Currency effects matter: The DR price depends on both gold prices and exchange rates. A stronger baht versus the ETF’s currency can pressure the DR price down even if gold prices remain unchanged; conversely, a weaker baht can support DR price gains despite stable gold prices.
- Trading hours vary: DRs referencing ETFs listed in the US can be traded day and night, whereas those linked to Asian market ETFs trade only during daytime.
Introducing the Six Gold DRs in the Thai Stock Market
- Full name: Depositary Receipt on SPDR GOLD (HK) ETF Issued by PI
- Issuer: Phai Securities Public Company Limited
- Reference ETF: SPDR® Gold Shares
- Reference ETF ticker: 2840
- Underlying ETF listing: Hong Kong Stock Exchange (HKEX)
Conversion ratio (DR : underlying ETF units): 4,000 : 1 Trading hours: Daytime only Price per unit: 3.32 baht - Full name: Depositary Receipt on SPDR GOLD TRUST (GSD) Issued by YUANTA
- Issuer: Yuanta Securities (Thailand) Co., Ltd.
- Reference ETF: SPDR® Gold Shares
- Reference ETF ticker: GSD
- Underlying ETF listing: Singapore Exchange (SGX)
Conversion ratio (DR : underlying ETF units): 1,000 : 1 Trading hours: Daytime only Price per unit: 13.30 baht - Full name: Depositary Receipt on GOLDM ETF Issued by BLS
- Issuer: Bualuang Securities Public Company Limited
- Reference ETF: SPDR® Gold MiniShares® Trust
- Reference ETF ticker: GLDM
- Underlying ETF listing: NYSE Arca
Conversion ratio (DR : underlying ETF units): 700 : 1 Trading hours: Day and night Price per unit: 4.06 baht - Full name: Depositary Receipt on SPDR GOLD (US) ETF Issued by PI
- Issuer: Phai Securities Public Company Limited
- Reference ETF: SPDR® Gold Shares
- Reference ETF ticker: GLD
- Underlying ETF listing: NYSE Arca
Conversion ratio (DR : underlying ETF units): 4,000 : 1 Trading hours: Day and night Price per unit: 3.30 baht - Full name: Depositary Receipt on SPDR GOLD (US) ETF Issued by YUANTA
- Issuer: Yuanta Securities (Thailand) Co., Ltd.
- Reference ETF: SPDR® Gold Shares
- Reference ETF ticker: GLD
- Underlying ETF listing: NYSE Arca
Conversion ratio (DR : underlying ETF units): 300 : 1 Trading hours: Day and night Price per unit: 43.75 baht - Full name: Depositary Receipt on SPDR GOLD (US) ETF Issued by KTB
- Issuer: Krung Thai Bank
- Reference ETF: SPDR® Gold Shares
- Reference ETF ticker: GLD
- Underlying ETF listing: NYSE Arca
Conversion ratio (DR : underlying ETF units): 1,000 : 1 Trading hours: Day and night Price per unit: 13.20 baht Note: Prices per unit as of 10 Aug 2026 13:05 GMT+7.
An interesting point is that GOLD03, GOLD19, GOLDUS03, GOLDUS19, and GOLDUS80 all reference the same trust-based ETF but are listed on different exchanges. Meanwhile, GOLDM01 references the GLDM ETF, which has a significantly lower expense ratio than GLD—0.10% versus 0.40%.
However, there is no single "best" DR; rather, the most suitable one depends on your individual investment portfolio. Therefore, before deciding to buy any Gold DR, investors should carefully read the prospectuses and fact sheets of both the DR and its reference ETF via the Stock Exchange of Thailand’s channels or the issuing securities firms’ websites to ensure the chosen risk hedging tool aligns with their investment style.
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