Thai central bank to expand authority to scrutinise online gold trading
Bank of Thailand has blamed gold traders for driving up the baht
[BANGKOK] Thailand will widen the central bank’s authority to better supervise online gold trading, which it says has caused abnormal moves in the Thai currency, its governor Vitai Ratanakorn said.
The Bank of Thailand has blamed gold traders for driving up the baht, which rose more than 10 per cent against the US dollar in 2025.
Vitai told reporters on Friday (Jan 9) that on days when the baht currency had risen by abnormal levels, app-based gold traders were found to be responsible for large amounts of US dollar sales, driving up the value of the local currency.
Under new rules introduced over the last three months, all gold transactions valued at more than US$200,000 will require clear sourcing and documentation before proceeding, Vitai said.
Limits will also be set on baht trading by individuals in order to reduce the volatility of the currency, he added.
Gold trading is not covered by established agencies in Thailand, where for months officials have been considering taxes on the activity, which are opposed by traders in the metal.
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“Gold still does not have a clear lead authority,” said top Thai finance ministry official Lavaron Sangsnit.
“Specific business tax will be applied to purchases of gold without physical delivery, both on platforms and in paper-based transactions,” Lavaron said.
Lavaron said there would be more inspections, adding that imports “customs will review whether gold import duties should be imposed and, if so, at what rate”.
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“Trading in gold without actual physical delivery must comply with the prescribed criteria, which will be issued as a Ministry of Finance notification,” said Lavaron.
Specific business taxes will be applied to the purchase of gold where there is no actual physical delivery, both on platforms and on paper, the official added. REUTERS
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