Thais Favor Trading Gold! SCB EASY Launches USD Gold Trading Linking 3 Major Providers in One App

During a period when gold prices surged by 100%, many new investors jumped into trading or buying and selling gold through apps, pushing daily trading volumes to over 250 billion baht. This makes Thais the top gold traders in ASEAN and among the top 10 worldwide.

However, the market still has room to grow, prompting major banks like SCB to enter this space. Thairath Money invites us to consider the bigger picture: with such high gold trading volumes, could Thailand become a Gold Hub?

What features do Thais want in gold trading?

Banks today need to better understand and reach people's lives, especially by managing assets to help investments grow conveniently and easily. Recently, Sarath Ratanaporn, Chief Executive Officer of Siam Commercial Bank, shared about the development of SCB Gold Marketplace, a real-time gold trading service on the SCB EASY platform, connecting over 17 million customers with Hua Seng Heng, MTS Gold (Mae Thong Suk), and YLG.

The product’s highlight is linking with e-FCD (Foreign Currency Deposit) accounts, enabling users to trade gold in US dollars (USD) for both internationally standard 99.99% pure gold and Thailand standard 96.5% gold, with up to 5% interest.

• Trading starts from 0.05 ounces or 0.05 baht of gold, with no fees.
• Trading is available from 7:00 a.m. until 3:00 a.m. the next day.

SCB plans to add new features such as Dollar Cost Averaging (DCA) investments, scheduled order placement, and other functions tailored to investor behavior, expected by the end of 2026.

Regarding Thai gold trading insights, Thipa Nawawattanasup, CEO of YLG Group, explained that about 68% of their online trading customers are under 40 years old, indicating younger generations are increasingly trading gold, partly due to developments in Fractional Gold and Digital Gold that make accumulating gold easier.

Where will gold prices go?

A key question for investors is how far gold prices may rise for long-term holding or speculation. We have compiled forecasts from three major players here.

• Thanarat Pasawong, CEO of Hua Seng Heng Group, expects that in 2026, gold prices could rise to $4,900–5,000 per ounce. Although this year might not surpass the all-time high of $5,595 per ounce set earlier in 2026, he believes 2027 has potential to break that record.
• Thipa Nawawattanasup, CEO of YLG Group, foresees that gold is not in a downward trend over the next 3–5 years. Although prices dropped about 25% from early this year, they have rebounded 10% in the past two weeks from the lowest point. Factors like central bank gold demand and geopolitical uncertainties remain unchanged.
  She estimates gold will end 2026 at $4,900 per ounce, with chances to exceed $5,600 per ounce in 2027.
• Nattapong Hiranyasiri, Managing Director of MTS Gold Group (Mae Thong Suk), said gold prices in 2026 could return to $4,700–5,000 per ounce, with a buying opportunity around $4,000 per ounce, though the chance of prices falling that low again is small.

Can Thailand become a Gold Hub?

Thailand currently ranks second globally in gold import and export volume and is among the top in trading volume worldwide. The key question is whether Thailand is ready to become a regional Gold Hub competing with Singapore and Hong Kong.

Dr. Kritchat Hiranyasiri, Chairman of MTS Gold, explained that many countries want to be Gold Hubs because it generates massive cash flow into their economies. Recently, more Thais have traded gold, increasingly in US dollars to avoid currency exchange risks. Thus, linking e-FCD accounts with gold trading accounts meets investor needs well.

Regarding becoming a Gold Hub, Hong Kong and Singapore are actively adjusting regulations to attract traders to their countries. Thailand has the capability but requires additional government support. The private sector is ready to streamline procedures and conditions to increase transparency and alleviate government concerns about shadow capital.

Currently, the private sector is concerned about potential gold taxes, which could impact Thailand’s gold market. Therefore, between 24–28 August, they plan to meet with Deputy Prime Minister and Finance Minister Arkhom Termpittayapaisith to discuss details and seek joint solutions.

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