Yaowarat Road is bustling like never before with long queues for buying and selling after gold prices surged 3,700 baht, breaking through 80,000 baht. Analysts say "Trump's policies" are disrupting the market and believe prices could surpass 100,000 baht.
On 29 Jan 2026 GMT+7, reporters surveyed the atmosphere around Yaowarat Road and found it extremely lively, especially at gold shops. "Hua Seng Heng" People queued up for service in lines spilling out from the shop after the Gold Traders Association announced today's gold prices (updated at 09:17) sharply increased.
Inquiries revealed that today, 70% of customers came to "buy" and 30% to "sell," mostly bringing gold ornaments to upgrade their value, for example, exchanging 1 baht pieces for 5 baht, to accumulate assets amid an upward price trend.
Ms. Jeeranut, a regular customer who waited in line for hours, said she usually saves gold through an app, investing 4,000–5,000 baht monthly because she finds it easier to understand than stocks. This time, she intended to buy more and exchange gold ornaments despite prices reaching 80,000 baht, since her original cost was under 30,000 baht. She said, "Every second now is profit," and believes prices will rise further, so she is willing to queue to maintain her saving discipline and diversify risk.
Mr. Chonthis Nuanplap, Analysis Manager at Hua Seng Heng Gold Futures Co., Ltd., told reporters the key factor behind the global gold price surge is U.S. President Donald Trump's policies, including regulations and foreign policies impacting the global economy, causing inflation and a significant depreciation of the U.S. dollar.
"With uncertainty prevailing, investors and central banks in many countries are reducing their holdings of U.S. dollar bonds and turning to invest in stable-value assets like gold. This has created a new phenomenon: 'the higher the price rises, the more people buy,' driven by concerns over future uncertainty," Mr. Chonthis said.
Regarding whether gold prices could reach 100,000 baht, analysts say the next quarter should be closely watched, as the new chair of the U.S. Federal Reserve will take office. If the new chair continues to support Trump's policies, gold prices could rise significantly.
They advise the public to closely follow global economic news before making investment decisions during such a highly volatile market.
