The Consumer Protection Board (CPB) conducted an on-site inspection of gold shops in Yaowarat, emphasizing that all gold shops must not close and must display clear price tags to prevent price gouging and build consumer confidence.
On 10 March 2026, Mr. Santi Piyatat, Minister attached to the Prime Minister’s Office and Chair of the Consumer Protection Board, along with Mr. Ronarong Poolpipat, Secretary-General of the Consumer Protection Board, and related agencies such as the Bangkok Metropolitan Administration and the Department of Internal Trade, jointly inspected gold traders, who produce and sell gold ornaments, on Yaowarat Road, Samphanthawong District, Bangkok.
Mr. Santi explained that the conflict in the Middle East has caused significant volatility in gold prices, with some days seeing average price changes over 100 times. However, these price changes follow market mechanisms. He urged the president of the Gold Traders Association to supervise the approximately 2,000 member gold shops out of over 6,000 nationwide, which are spread across provinces and overseen by provincial associations or clubs. During this volatile period, many people are eager to sell gold as prices rise. He stressed that gold shops should not close but remain open to allow consumers opportunities to profit. He assured the public that the CPB will actively monitor and ensure fair gold sales, protecting consumers from exploitation.
Additionally, he instructed that every gold shop must clearly display gold price tags, despite rapid price changes, so consumers can know prices in advance. The Gold Traders Association promised to issue formal reminders to all gold shops to comply with the law fairly and correctly.
If correct price tags are displayed so consumers are informed before purchase, it fulfills legal requirements. If businesses fail to comply—selling controlled products without proper price tags or displaying incorrect tags—they face penalties of up to six months imprisonment or fines up to 100,000 baht, or both. For producers or importers, penalties increase to up to one year imprisonment or fines up to 200,000 baht, or both. Therefore, cooperation is requested from businesses to avoid exploiting consumers during purchases.
Mr. Jitti Tangsitpakdee, president of the Gold Traders Association, said that monitoring the Israel–US–Iran conflict suggests the situation will not end quickly and may be prolonged, causing gold prices to be volatile. Short-term speculators should closely follow news, as gold prices can fluctuate rapidly based on global events. He also announced that consumers who sell gold to member shops and feel their selling price is unfairly low can file complaints with the CPB, which protects consumers by law. He emphasized that Thailand’s gold pricing system is among the most transparent and fair worldwide, with only a 200 baht difference per baht-weight between buying and selling prices, compared to 3–5% differences per troy ounce in many other countries.
Domestic gold trade profits do not come solely from this price difference because gold must pass through importers, wholesalers, and retailers, and also incur refining costs. Pure 99.99% gold must be alloyed to 96.5% gold before melting and shaping, a process that causes some gold loss. For example, 100 grams of gold may lose value of about 500 baht during processing.
Regarding rumors of gold shops closing, Mr. Jitti clarified that shops have not closed. The observed closures occurred during holidays when, on Saturdays and Sundays, the Gold Traders Association refers to Friday evening prices because global markets are closed, leaving no new reference prices. Shops tend to avoid trading gold bars during this period to reduce risk. He advised consumers against buying or selling gold bars over weekends because gold bars do not carry making charges; if prices rise sharply on Monday, sellers before the weekend could suffer losses. Typically, gold shops focus on buying and selling gold ornaments over weekends.
Looking ahead to gold prices this year, Mr. Jitti expects an upward trend despite some dips, as foreign funds sell gold short-term to hold US dollars after previously buying large amounts amid war concerns. He estimates gold prices could reach 90,000 baht per baht-weight but considers 100,000 baht unlikely unless a third world war occurs. He reiterated that gold typically rises during wartime as a safe-haven asset.