Thai Gold Loses 2,200 Baht Over Two Sessions as Global Prices Fall
Key Facts
Gold prices in Thailand fell by a total of 2,200 baht per baht-weight over the October 30 and 31, 2026, sessions, according to The Nation Thailand. The domestic decline came as global spot gold fell 3.5% to $3,880.97 an ounce on Friday, its lowest global level since October 2025. In Thailand, the selling price for 96.5% gold bullion stood at 62,200 baht per baht-weight at the opening of trading on October 31, compared with a close of 63,750 baht the previous day. The total decline was spread over two sessions, rather than occurring in a single drop. Local price movements show a clear acceleration over a short period, while global prices reflect the broader downturn in the precious metal.
The October 30 session saw successive swings, with local gold prices adjusted 27 times before ending the session down 650 baht, according to The Nation Thailand. The moves coincided with a selloff in U.S. technology stocks. The newspaper linked the selloff to investors’ questions about whether the large sums being spent on artificial intelligence development would generate sufficient returns. As the selloff spread to precious metals, global gold fell alongside pressure on technology stocks. These factors place the gold move in the broader context of investors reassessing returns on technology investments, rather than attributing the local move to a separate news event that the source does not cite as a cause of the decline.
The gold move followed the Federal Reserve’s October 28 decision to keep its target range for the federal funds rate at 3.75% to 4%. The central bank said economic activity was expanding at a solid pace and inflation remained elevated. In separate data, the U.S. Bureau of Economic Analysis reported that real gross domestic product grew at an annual rate of 3.4% in the third quarter of 2026, after growth of 2.2% in the second quarter. The third-quarter increase reflected gains in investment, consumer spending and government spending, partly offset by a decline in exports. These figures provide background on U.S. economic conditions during the period, without by themselves establishing that they moved the dollar or caused Thai gold to fall.
Separately, Binance TH announced a temporary suspension of digital-asset deposits and withdrawals while it conducted a security review, saying the platform’s other services remained available as usual and customers’ assets were safe. The company said that digital assets held in its cold wallets were independently segregated from Binance wallets, and that it had its own legal entity and asset custody system. The Federal Bureau of Investigation had attributed the theft of more than $6 billion in virtual assets from the Binance platform on October 29 to North Korea, naming the activity TraderTraitor. The bureau said the attackers converted the stolen assets mainly into Ethereum and were likely to launder them later through decentralized finance and instant exchange services. Thai sources do not link this hack to the decline in local gold prices.
Binance said it had worked with blockchain industry partners to freeze about $3 billion in affected assets, and that it had allocated more than $6.34 billion in company funds to cover the stolen assets. It said the funds used to repurchase tokens came in part from the $1 billion SAFU user protection fund, the futures insurance fund and the company treasury. As of October 31, the company said the remaining amount, which was less than 10%, consisted of less liquid assets and could take longer to gather in the required quantities. It also said it was on track to reopen withdrawals on Sunday, November 1, but withdrawals were unavailable at 02:50 GMT that day. The FBI urged virtual-asset service providers and analytics companies to block transactions linked to addresses used by the attackers to launder money.