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「泰」瘋狂！龍頭黃金交易商營收超越政府1年預算
Thailand goes crazy! Leading gold trader's revenue surpasses government's annual budget
Liberty Times Net | Local Language | News | Dec. 12, 2025 | UndeterminedOperating Results
Thailand is experiencing an unprecedented surge in gold buying due to rising geopolitical risks and uncertainties related to U.S. tariffs impacting the country's economic outlook. This surge has propelled Hua Seng Heng, Thailand’s largest gold trader, to project record annual revenue of 5 trillion baht (about $157 billion), surpassing the Thai government's entire fiscal year 2026 budget of roughly 3.8 trillion baht.
Tanarat Pasawongse, CEO of Hua Seng Heng and third-generation heir to the family business, attributed this gold rush to traditional Thai culture and current economic conditions. Gold has historically been a preferred savings tool in Thailand, offering an average return of around 10% annually over the past decade, with a sharp increase to 70% last year. As the Thai stock market remains weak and interest rates stay low, gold has become a key component of household wealth.
However, regulators have recently tightened oversight on gold trading. Thai authorities are concerned that the surge in gold transactions could be linked to illicit fund flows and could impact fluctuations in the baht exchange rate. The Bank of Thailand noted that 10%–20% of gold transactions are sometimes correlated with baht movements. The central bank plans to use new reporting data to better understand the relationship between gold trading and currency fluctuations, though it is uncertain if these measures will slow the baht's appreciation.