Thai gold prices fall 1,550 baht as technology sell-off rattles metals

Gold prices in Thailand fell by 1,550 baht per baht-weight at the opening of trading on Saturday, 31 October, extending the previous day’s losses as a sell-off in US technology shares spread to precious metals.

The Gold Traders Association’s first price announcement at 9.12am put the selling price of 96.5% gold bullion at 62,200 baht per baht-weight, down from Friday’s closing price of 63,750 baht, according to figures reported by The Nation Thailand.

The opening decline brought the combined fall since Thursday’s close to 2,200 baht per baht-weight. It followed a turbulent Friday session in which domestic prices were adjusted 27 times before ending 650 baht lower.

Opening prices for Thai gold buyers and sellers

Under Saturday’s opening announcement, the buying price for 96.5% gold bullion was 62,000 baht per baht-weight, against a selling price of 62,200 baht.

Gold jewellery of the same purity was quoted at 60,761.28 baht for buying and 63,000 baht for selling.

For people considering a purchase or sale, the distinction between those quotations matters: the buying price is the quoted rate for gold being sold back, while the selling price applies to purchases. These figures were the opening quotations, rather than a closing price for Saturday.

Global gold falls alongside technology shares

Reuters reported that spot gold fell 3.5% on Friday to US$3,880.97 an ounce, its lowest level since October 2025. US gold futures for December delivery settled 3.3% lower at US$3,898.90 an ounce.

The losses coincided with heavy selling in Wall Street technology stocks as investors questioned whether substantial spending on artificial intelligence would deliver sufficient returns.

Analysts at Commerzbank suggested that falling technology shares may have prompted investors to sell gold to raise cash for margin calls. That explanation points to pressure from investors’ funding needs, rather than simply a change in demand for gold itself.

The retreat extended across precious metals. Silver fell below US$50 an ounce, while palladium dropped beneath US$1,000.

Volatility remains the immediate concern

The latest decline left spot gold more than 30% below its January record of US$5,595 an ounce. Expectations that interest rates would remain high were also adding pressure to prices, the report said.

Its outlook identified equity-market margin calls and weaker physical demand from Asia as sources of near-term volatility. Renewed central bank buying could offer longer-term support if gold remained below US$4,000 an ounce, but the timing and scale of any recovery remained uncertain.

For Thailand’s gold buyers and holders, Saturday’s opening prices marked a sharp repricing after an already volatile session—not evidence that the market had reached a floor.