Gold Frenzy Puts Thai Trading House on Record Trajectory
By Suttinee Yuvejwattana
Bloomberg News
Monday, December 8, 2025
Unprecedented gold prices and a surge in retail sales may push revenue at Thailand's largest gold trading house to a record 5 trillion baht ($157 billion) this year, according to Hua Seng Heng Chief Executive Officer Tanarat Pasawongse.
That amount would be bigger than even the government's fiscal 2026 spending plan of about 3.8 trillion baht, testimony to the sheer number of residents in the Southeast Asian nation embracing the precious metal as a store of wealth amid low interest rates and a lackluster stock market.
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Heightened geopolitical risks and uncertainty over where Thailand's economy may be headed in light of U.S. tariffs are also seeing waves of Thais dip into the commodity, said 50-year-old Tanarat, a third generation member of a family that started the business in 1950 in the heart of Bangkok's Chinatown. ...
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