The Gold Traders Association advises a temporary halt on trading following the Middle East war where Israel and the United States attacked Iran, pushing gold prices to surge sharply. If the conflict persists, gold prices could reach 80,000 baht.
On 28 Feb 2026 GMT+7, the president of the Gold Traders Association explained the reason for the temporary suspension of gold bar trading over the weekend. This was due to Israel's retaliatory strike against Iran, an abnormal event occurring on Saturday and Sunday when global gold markets are closed, resulting in no definitive reference prices.
They estimated that if the market opens on Monday, gold prices could soar by 150-200 US dollars per ounce, and domestic gold prices might reach 80,000 baht if the situation intensifies and drags on.
The association advises the public to wait for price direction clarity on Monday for the safety of both buyers and sellers, as trading when reference prices are unstable may disadvantage consumers. Meanwhile, gold shops remain open as usual but do not provide reference prices for gold bar trading. They emphasized that from past experience, during wars, gold prices tend to rise significantly, urging close monitoring of the situation.