(Thailand, 1st) Jitti Tangsitpakdee, Chairman of the Gold Traders Association of Thailand, told 'Thansettakij' that as international gold prices have risen by more than USD 100 per ounce, the association may need to announce an adjustment to domestic gold buying and selling prices on Sunday (March 1), even though the market is usually closed on Saturdays and Sundays.
This move comes amid escalating tensions in the Middle East. Yesterday (February 28, 2026), Israel launched an attack on Tehran, the capital of Iran, and disputes surrounding Iran’s nuclear program remain unresolved, further intensifying tensions.
He pointed out that the developments are bound to affect gold prices. After the attack, he expects gold prices to rise by USD 150 to 250 per ounce, equivalent to a possible increase of more than 1,000 baht per baht weight for domestic gold retail prices.
He added that the severity of this attack surpasses the previous incident in Venezuela when the president was arrested. Meanwhile, Iran has made preparations, regarding the current situation as a potentially escalating war, and the events may further intensify.
This move comes amid escalating tensions in the Middle East. Yesterday (February 28, 2026), Israel launched an attack on Tehran, the capital of Iran, and disputes surrounding Iran’s nuclear program remain unresolved, further intensifying tensions.
He pointed out that the developments are bound to affect gold prices. After the attack, he expects gold prices to rise by USD 150 to 250 per ounce, equivalent to a possible increase of more than 1,000 baht per baht weight for domestic gold retail prices.
He added that the severity of this attack surpasses the previous incident in Venezuela when the president was arrested. Meanwhile, Iran has made preparations, regarding the current situation as a potentially escalating war, and the events may further intensify.