Supamas conducted random quality inspections of gold shops in Yaowarat, emphasizing that the Consumer Protection Office (CPO) works proactively to ensure fairness for consumers. Meanwhile, the President of the Gold Traders Association warned that short-term investors might incur losses and predicted gold prices could surge to $6,000 after October.
At 09:00 on 29 April 2026, Ms. Supamas Isarapakdi, Minister attached to the Prime Minister’s Office and overseer of the Office of the Consumer Protection Board (OCPB), was assigned by Deputy Prime Minister and Minister of Commerce Ms. Supachai Suthamphan to lead a delegation including Mr. Ronarong Phulphipat, Secretary-General of the OCPB; Mr. Jitti Tangsitphakdee, President of the Gold Traders Association; and Mr. Sumet Prasongpongchai, Director of the National Gem and Jewelry Institute (Public Organization), to visit gold jewelry shops in the Yaowarat area. The visit aimed to monitor the project promoting standards among Thai gold wholesalers, building public confidence in the quality of gold jewelry and ensuring that labeling complies fully with the law.
Upon arrival, Ms. Supamas inspected the quality of gold by weighing it, allowing officials and media representatives to randomly select gold pieces for weighing. Samples of gold jewelry were randomly collected from Jin Hua Heng Gold Shop Co., Ltd.
Ms. Supamas said the random gold inspections under the project to promote standards among Thai gold wholesalers have been ongoing since 2004. Currently, Deputy Prime Minister and Minister of Commerce Ms. Supachai Suthamphan has assigned her, as head of the Consumer Protection Office, to conduct random gold price inspections. She noted that the situation in Middle Eastern countries has impacted Thailand. Prime Minister and Minister of Interior Mr. Anutin Charnvirakul is concerned about the public and has assigned all ministers to visit relevant areas to safeguard citizens’ livelihoods.
She added that today’s visit reflects the government’s commitment, especially as gold prices have been highly volatile recently. People who had never bought gold before have rushed to purchase it for speculation, since gold is currently a high-value commodity. This volatility has led to both profits and losses among speculators. Therefore, today's visit aims to educate the public, since gold prices affect both livelihoods and the economy. The goal is to build public confidence in investing in the gold business and related commerce.
Ms. Supamas further noted that many people have bought gold without proper study, resulting in investment losses. It is important to understand gold and have knowledge about it. Today’s inspection covers quality, standards, and labeling at each shop. When purchasing gold, customers must check the shop’s labeling and clear price indications. Yaowarat was chosen for this visit because it is a district known for standard gold trading.
She added that in cases of unforeseen incidents involving gold held by consumers, they can report to the Consumer Protection Office, which will provide assistance, ensure fairness, and pursue legal action for consumers. At the same time, the office must work proactively to educate the public about the necessary steps and information when speculating on gold or saving gold online.
Meanwhile, Mr. Jitti spoke about the current gold market, saying prices remain volatile due to the ongoing Middle Eastern conflict and the uncertain policies of the U.S. President. He expects important developments in May that investors need to watch closely, especially with the new Federal Reserve Chair taking office next month. The monetary policy stance will influence gold prices. Investors should be cautious with short-term investments because prices may fall further, but in the long term, gold could rise to $6,000 after October.
Regarding current gold trading activity, Mr. Jitti said the market remains quiet because investors currently holding gold at high prices are hesitant to buy, fearing further price drops. The exchange rate of the Thai baht also affects gold prices; a 0.10 baht change in the baht’s value can shift gold prices by about 260 baht.