Gold prices continued their sharp rise on Thursday, reaching a new peak just shy of $5,600 per ounce, as investors sought safe-haven assets amid geopolitical and global economic uncertainties. Gold Spot prices hit an intraday high of $5,591.61, equivalent to about 173,507 baht, while silver prices approached $120 per ounce.
The main factor driving prices on January 29 was President Donald Trump's statement on the Truth Social platform, pressuring Iran to urgently return to nuclear negotiations. He warned, "Time is running out," and "The next attack will be worse than before."
Currently, the aircraft carrier USS Abraham Lincoln is deployed in Middle Eastern waters. Trump stated it is ready to act with "speed and force" if necessary, while Iran's Foreign Minister Abbas Araghchi responded that the Iranian military has "a finger on the trigger," ready to retaliate immediately if attacked.
Market analyst Stephen Innes noted that gold breaking through $5,500 is not just routine commodity trading but reflects a "crisis of confidence" in government policies and monetary management. Investors view gold as a primary option when trust in policy stability declines.
Impact on financial markets includes WTI and Brent crude oil prices hitting multi-month highs due to supply concerns from the Middle East. Asian stock markets—including Tokyo, Hong Kong, Shanghai, and Sydney—all closed lower, with Indonesia's Jakarta index plunging 8% after MSCI delayed increasing investment weightings amid worries about shareholding structures.
The dollar remains volatile and under pressure despite Treasury Secretary Scott Bessent affirming a strong dollar policy. Trump's apparent satisfaction with a weaker dollar has caused confusion in the market.