Ms. Areerat Murachai, Head Analyst at GCap Co., Ltd. (GCAP GOLD), stated that the gold price outlook for 2026 remains positive and is expected to reach new highs. The global gold price target is projected in the range of $4,750–$4,900 per ounce, which translates to approximately THB 72,000–74,000 per baht-weight under the assumption of an exchange rate of THB 32 per U.S. dollar.
From a strategic perspective, she assessed that if global gold prices experience a correction but do not fall below the key support at $3,450, it will remain a base-building phase for further upside. Two interesting purchase zones have been identified: the short-term correction zone at $4,050–$3,990, and the deeper support zone in case of a stronger-than-normal correction at $3,885–$3,750, with the major profit-taking target at $4,750–$4,900.
For Thai gold, there is still plenty of room for further upside with a potential to rise to 72,000–74,000 baht. However, if the baht strengthens to THB 31 per U.S. dollar, the local gold price may rise more slowly compared to global prices. On the other hand, if the baht weakens to the range of THB 33–34 per dollar, domestic gold prices could rise above THB 75,000 easily.
Therefore, price pullbacks to the THB 61,500–60,500 zone are opportunities for further accumulation. Investors holding gold around THB 64,000 still have an upside potential for profits of about THB 7,000–10,000 in line with the highest targets projected.
Ms. Areerat noted that “the key supporting factors to watch in 2026 include clear long-term bullish technical signals and multiple bullish breakouts, making corrections simply base-building phases for accumulation.
Meanwhile, the U.S. monetary policy is entering a continuous easing cycle in 2025–2026, along with concerns over the Fed’s independence from political interference and changes in the Fed chair, which are direct positives for gold prices.”
She also added that continuous demand from global central banks and buying from ETF funds amid ongoing geopolitical risks, especially tensions in Asia between China and Japan, will be key supporting factors.
