Nadakan Daorueang, 28, a mother of two, has made nearly 50,000 baht (US$1,485) in profit since last July by buying and selling 10- and 20-baht gold bars through a mobile app.
A “baht” weighs 15.244 grams and the highest-quality gold in Thailand is 23 karat, consisting of 96.5% gold and 3.5% pure silver.
She said she started trading gold simply as a way to diversify her savings and does not always collect the physical bars.
“I (…) didn’t really think about selling, but then I saw how the gold price skyrocketed, so I simply cashed out for profit,” she told Nikkei Asia.
Demand for the precious metal has been steadily rising in Thailand, growing from 36.7 tons in 2021 to 48.8 tons last year, according to the World Gold Council.
The country’s gold bars and coins demand rose 17% year-on-year to 39.8 tons in 2024 despite high prices, making it the world’s seventh-largest market, Thai newspaper The Nation reported. Jewelry demand dipped 2% to 9 tons, but the decline was modest compared to the global average of 11%.
For Thai people, their love for gold is deep-rooted. Gold jewelry is highly valued in Thai culture, often worn during special occasions as a symbol of wealth, status, and prosperity, while the metal in general has long been considered a reliable investment and store of wealth, according to Thai PBS World.
This inclination has been passed down through generations, making gold a preferred choice for long-term savings and financial security.
Despite over 6,000 shops selling jewelry and gold bars nationwide, younger generations are shifting to digital platforms for greater convenience.
Mobile apps and online trading platforms now enable Thais to buy, sell, and monitor gold prices in real time, merging tradition with modern technology, as reported by Thailand Business News.
Tanarat Pasawongse, CEO of Hua Seng Heng Group, Thailand’s leading provider of gold bullion trading and investment solution, said while gold buyers are typically between 30 and 40 years old, a younger demographic is emerging through gold accumulation plans, known locally as gold savings.
That group is drawn in by financial advice from social media and internet influencers, he said.
Hua Seng Heng has only six gold shops in the country but commands a strong online presence, boasting partnerships with major lenders like Bangkok Bank, Kasikorn, Krungsri, and Siam Commercial.
Gold trading apps and platforms are thriving, providing competitive rates, secure transactions, and educational tools to attract more users.
As the trade becomes more accessible, four of Thailand’s ten highest-earning companies in 2023 were in the gold business, surpassing even 7-Eleven with its 14,500 outlets.
The WGC expects Thailand’s demand for gold bullion to remain strong this year, driven by inflation and uncertainties surrounding U.S. policies under President Donald Trump, Bangkok Post reported.
Sompong Vajirakaphan, a co-founder of the Thai Gold Traders Association, says gold is the “king of all metals” as it is durable and can retain value.
“Thai people worship gold, they really love it,” he said.
