FACTORS AFFECTING GOLD BULLION PRICES IN THAILAND

Abstract

This research aims to study the factors affecting gold prices in Thailand. The study utilizes secondary data collected on a monthly basis from January 2016 to December 2025, covering a total period of 10 years and comprising 120 datasets. The variables used in this study consist of the dependent variable, which is the gold price in Thailand, and five independent variables: Thailand's Consumer Price Index (CPI), the Thai Baht to US Dollar exchange rate (FX), crude oil price (WTI), global gold spot price (GS), and the US Non-Farm Payrolls (NFP). Data analysis was conducted using Multiple Linear Regression with the Ordinary Least Squares method. The results indicate that the global gold spot price (GS) has a statistically significant positive effect on gold prices in Thailand at the 0.01 level. Meanwhile, the Thai Baht to US Dollar exchange rate (FX), Thailand's Consumer Price Index (CPI), crude oil price (WTI), and the US Non-Farm Payrolls (NFP) were found to have no statistically significant impact on gold prices in Thailand. Therefore, investors should prioritize monitoring the global gold spot price, along with currency exchange trends and inflation figures, to aid in predicting gold price trends and making investment decisions.

Keywords: Thai Gold Bullion Price, Consumer Price Index, Global Gold Spot Price, Multiple Linear Regression Analysis, Economic Variables