An old proverb says, "Money is considered the younger sibling, gold the elder." Today, that saying may need to change amid national confusion, as leaders struggle to manage structural problems effectively, especially in the globalized world where issues are beyond control and cannot be solved by creating new problems to overshadow old ones, as the government and independent agencies currently attempt.
The government is trying to intervene in gold trading, citing goals to reduce baht appreciation and decisively crack down on shadowy capital groups and scammer gangs. Gold has been accused of being a medium for money laundering by transnational criminal groups involved in online gambling and human trafficking centered in Cambodia.
It is notable that during the 2026 election campaign, Thailand's gold market was unusually quiet, despite global gold prices soaring to 4,595.51 US dollars per ounce. As a result, domestic gold bar prices on 17 Jan 2026 were 68,350 baht per baht-weight for buying and 68,450 baht for selling, with gold ornaments reaching 69,250 baht. Yet trading activity and analyses from associations or experts disappeared from the media, leaving news agencies to report prices on a day-to-day basis.
The main reason is that the Ministry of Finance has coordinated with all agencies—including the Revenue Department, Customs Department, Fiscal Policy Office, Anti-Money Laundering Office, and the Bank of Thailand—to control gold trading, especially on online platforms. This includes major companies such as Jinhwaheng Gold Shop owned by Mr. Jitti Tangsitpakdee, president of the Gold Traders Association, as well as longstanding establishments like Mae Thongsuk Gold (MTS Gold) and Huasingheng Gold Shop.
The goal of this regulation drive is to reduce pressure on the baht and dismantle nationwide scammer networks. The Finance Ministry will assign the central bank to issue new rules through commercial banks, after finding large inflows of deposits and stock market investments moving into the gold market. The new rules implemented over the past month heavily pressure traders; non-compliance risks immediate tax audits. Gold shops must report daily transaction details—including buyer names and amounts—to officials before 5 p.m., with online platforms required to verify ID cards and sources of funds thoroughly.
Regarding transaction amounts that require reporting, the government initially aimed to start at 100,000 baht, but the Anti-Money Laundering Office proposed raising it to 700,000 baht to align with gold prices approaching 100,000 baht per baht-weight and to reduce unnecessary paperwork. This government move is seen as restricting trade freedom, while competitors like Singapore aggressively position themselves as regional gold trading hubs. Such market interventions are causing foreign funds to question Thailand's policy direction.
Additionally, some regulations are viewed as unfair—for example, if purchasing gold weighing 5 kilograms or more, buyers may have to receive the gold after two days and might be required to transact only through commercial banks. For online platforms, the central bank plans to cap daily transactions between 20 and 100 million baht and may mandate trading solely in US dollars (USD). Futures trading domestically and abroad will require prior central bank approval.
This process underwent a public consultation from 13 to 20 Jan, with the Finance Ministry scheduled to officially delegate authority to the central bank to oversee the gold market on 23 Jan. Using a heavy-handed approach on a fragile economy without distinguishing "criminals" ." from "the system" may yield short-term government control, but in the long run, it will completely destroy market mechanisms. Thailand's gold market may not collapse immediately but will gradually stagnate and distort while the world moves forward, and we fall behind due to excessive intervention.