Gold prices surged in September, reaching new highs both domestically and internationally, with Thai gold hitting 54,200 baht per baht weight and international gold at US$3,539.11 per ounce.

This increase was driven by growing demand for gold as a safe-haven asset, protecting against global economic uncertainties.

At the start of September, Thai gold prices rose by 800 baht, marking a new record of 54,200 baht per baht weight (as of 3.50pm on September 3). Meanwhile, international gold prices hit a new all-time high of US$3,537.50 per ounce.

This price increase follows a period of consolidation from April to August, after Thai gold reached an all-time high of 54,800 baht per baht weight in April, and international gold reached US$3,496 per ounce. Following this, prices had remained relatively stable until the surge in early September.

Key factors supporting the rise in gold prices include concerns over the US economy, the ongoing trade war with various countries, potential increases in US tariffs, and the risk of inflation. These economic pressures, alongside escalating geopolitical tensions between Russia and Ukraine, have led investors to seek gold as a safe-haven asset.