Thai Gold Drops 1,850 Baht; Experts Predict Further Declines

The Gold Research Center released results of its weekly GRC Gold Survey for November 2-6, 2026, revealing a predominantly negative outlook on domestic gold prices. Among 13 market experts surveyed, 8 (62%) expect prices to decline, 2 (15%) anticipate an increase, and 3 (23%) foresee little change from the previous week. Meanwhile, a survey of 335 gold investors showed 200 (60%) predicting a drop, 101 (30%) expecting a rise, and 34 (10%) seeing sideways movement, reflecting widespread caution among both experts and investors.

Domestic 96.5% purity gold bar prices, per the Gold Traders Association, moved in a range of 62,200-64,900 baht per baht-weight last week, closing at 62,250 baht — down 1,850 baht from the prior week's close of 64,100 baht. Key factors to monitor this week include the U.S. midterm elections on November 3, which could shift congressional power and economic policy direction, potentially affecting gold's safe-haven appeal. A selloff in U.S. technology stocks amid AI valuation concerns may also force investors to liquidate liquid assets including gold to meet margin calls. U.S. economic data — ISM manufacturing and services PMI, nonfarm payrolls, average hourly earnings, unemployment rate, and weekly jobless claims — will also be closely watched.

Pattrin Wachirawat, COO of LGH Commodities, noted gold prices have faced heavy selling pressure after breaking key support at $1,940-2,050 per ounce. However, charts across monthly, weekly, and daily timeframes show oversold conditions, creating potential for a short-term rebound. She cautioned that sustained recovery cannot be confirmed given multiple risk factors, particularly the U.S. midterm results which could influence policy and geopolitical tensions, and nonfarm payrolls data — if strong, it may raise concerns that the Federal Reserve will maintain tight monetary policy.