Thai Gold Investment Demand Hits Highest Level Since 2019

Thailand’s gold investment demand reached its strongest level since 2019 in the second quarter of 2026, driven by buying opportunities after gold prices corrected, growing interest among younger investors, and the expansion of gold savings accounts, according to the World Gold Council (WGC). The WGC’s Gold Demand Trends Q2 2026 report said Thailand and Indonesia remained key drivers of gold demand in Southeast Asia, helping the region maintain strong investment interest despite a slowdown in global markets. Global gold demand remained relatively stable in the second quarter at 1,269 tonnes, while demand during the first half of 2026 increased 2% year-on-year to around 2,522 tonnes, worth approximately US$380 billion. In Thailand, demand for gold bars and coins for investment rose 10% year-on-year in the second quarter to 10.9 tonnes, the highest level since 2019. The WGC said the decline in gold prices from record highs encouraged investors to buy during price weakness. (adsbygoogle = window.adsbygoogle || []).push({}); The report said Thailand’s investment market has also benefited from changing investor behavior, with younger generations increasingly viewing gold as a way to protect against currency and market volatility. Gold savings accounts have also gained popularity by allowing smaller investors to gradually accumulate gold. Shaokai Fan, WGC Head of Asia Pacific (excluding China) and Global Head of Central Banks, said Thai investors remained highly interested in gold despite investment demand slowing from the unusually strong levels seen earlier in the year. “Investors have returned to buying opportunities when prices softened,” Fan said, adding that gold’s role as a hedge against uncertainty continues to support demand across Thailand and the wider ASEAN region. However, demand for gold jewelry in Thailand declined 5% year-on-year to 1.6 tonnes in the second quarter, reflecting the impact of high gold prices and consumer caution. The trend followed global jewelry demand, which fell 17% year-on-year to 278 tonnes as consumers shifted toward lighter products. (function(w,q){w[q]=w[q]||[];w[q].push(["_mgc.load"]})(window,"_mgq"); Globally, gold-backed exchange-traded funds (ETFs), bars and coins recorded investment demand of 262 tonnes in the second quarter. While ETF outflows affected the market, investment demand during the first half of the year remained positive, with Asia recording the strongest regional inflows. Central banks worldwide continued increasing their gold reserves, purchasing a net 289 tonnes in the second quarter, up 62% year-on-year, highlighting continued confidence in gold as a strategic asset. The WGC said geopolitical uncertainty, economic risks and gold’s role as a portfolio diversification tool are expected to keep investment demand supported in the second half of 2026. Louise Street, WGC Senior Markets Analyst, said gold prices had entered a consolidation period after reaching record highs earlier in the year, but the market remained well supported by continued central bank purchases, Asian investor demand and over-the-counter market activity. The WGC expects Thailand and ASEAN to remain important gold markets in the coming years as access to gold investment products expands and more investors, particularly younger generations, enter the market.