Chapter 1 - Executive Summary

Thailand’s gold market is one of the most mature and dynamic in Southeast Asia, supported by deep cultural ties to gold, a liberal policy environment and strong retail participation.

Limited access to formal financial services and past economic shocks, including the 1997 East Asian Financial Crisis, helped cement gold as a trusted store of value. Thailand is now among the most open markets globally for bullion trading, with no import or export duties. In 2024, the country imported 196t of gold and exported 113t, underscoring its role as a regional hub.

Retail investment accounts for around 80% of Thailand’s consumer gold demand. Volumes have grown steadily, rising from 29t in 2021 to an estimated 51t in 2025. Most purchases are in 96.5% purity bars and jewellery, reflecting the close link between savings and adornment.

The investment market is increasingly digital. Major dealers and banks now offer online trading platforms that appeal to younger, tech-savvy investors. More than half of transactions take place online, reducing the need for physical storage and improving accessibility. Banks have also expanded their presence by partnering with bullion dealers to reach new investors. A defining feature of Thailand’s retail market is its two-way trading culture, with consumers routinely buying and selling gold on short-term moves, which boosts liquidity.

Jewellery demand remains culturally important, but modest relative to retail investment, totalling just 8t in 2025 compared with 51t of coin and bar demand. Younger consumers favour lower caratages, modern designs and gemstone-set pieces influenced by fashion and social media. Even so, exports remain the backbone of the industry. Key destinations include the US, Hong Kong, India and the Middle East.

It is also worth commenting briefly on gold mining in Thailand, although this is not covered any further in this Spotlight. This is dominated by a single operation, the Chatree gold mine, operated by Akara Resources, a subsidiary of Kingsgate Consolidated. Between 2001 and 2016, the mine produced a total of 56t of gold and 311t of silver. Operations were halted from 2017 to 2021 after the key processing licence was not renewed.

Following a successful legal process and negotiations with the Thai government, the Metallurgical Licence was renewed for the maximum five-year term allowed under Thai law. Consequently, operations restarted in March 2023 before reaching full capacity in Q4.24. Mining is currently undertaken on the Quartz Lease and the expansion of the main A pit.

Doré is delivered to Precious Metal Refining Co. Ltd for refining under the same commercial terms agreed in 2016. In fiscal year (FY) 2025, the mine produced 2.3t of gold and 19.4t of silver, with gold output forecast at 2.6-3.0t for FY2026.