Based on the observation of the gold market in the first two months of 2026, global gold prices surged past $5,600 per ounce, not by coincidence but due to changes in the structure of the global financial system, with various countries beginning to reduce the role of the US dollar.

In Thailand, the price of gold bars soared to 70,000 baht, the highest in history. The main factor was the sharp increase in global gold prices while the Thai baht appreciated to 30.88 per dollar (the strongest in nearly five years). As a result, foreign currency flowed in from gold sales for profit-taking, creating a special relationship between gold prices and the Thai baht exchange rate.

The Bank of Thailand recognized the problem and introduced new control measures, such as reporting large transactions, daily trading limits, and supporting dollar-denominated trading to reduce currency volatility. This approach has shifted attention toward new investment tools that allow direct trading of gold in dollars.

Looking at global driving factors, central banks worldwide continue to be net buyers of gold for the 15th consecutive year, expected to purchase about 755 tons in 2026. The main reason is that emerging market countries like China, India, and Brazil seek to diversify risk away from dollar-denominated assets.

The geopolitical crisis over Greenland in January also played a significant role. Tensions between the US and European allies created panic, prompting investors to buy gold as a safe-haven asset. Although the "Davos Compromise" agreement was later announced, uncertainty remains the new normal of the world.

From the perspective of major financial institutions, Goldman Sachs targets $5,400, while J.P. Morgan expects an average of $5,055 in Q4 and possibly reaching $5,400 in 2027. Bank of America has the highest outlook at $6,000, despite signals of AUM expansion in gold to only 2.8%.

Returning to the question of whether to buy gold for investment, the answer is yes, but not at current high prices. The best strategy is to wait for a correction. Strong support levels are between $4,680 and $4,750. If prices break below this, major support is at $4,360–$4,450, which presents a golden opportunity for long-term investment.

Regarding investment tools, buying physical gold bars may face liquidity issues and storage costs, especially at these high prices. An alternative is to use modern financial instruments that offer more flexibility, such as CFDs, which allow trading both upward and downward, require less capital, and are accessible 24/7. Additionally, technical analysis tools and real-time data can aid decision-making.

In summary, 2026 has proven that gold remains the most valuable asset, regardless of the form it takes. The key is to buy with a strategic approach, avoiding buying at peak prices, and waiting for dips to accumulate.