Thai Gold Traders Plan Dollar-Based Trading to Curb Baht Rally

Thailand’s largest gold traders plan to promote dollar-denominated transactions, aiming to weaken the metal’s influence on the local currency and head off the threat of a punitive tax.

A group of 14 bullion dealers will upgrade their online trading systems within three to six months to support dollar-based transactions, according to Kritcharat Hirunyasiri, chairman of MTS Gold Group. The Bank of Thailand has agreed to work with commercial banks to make currency conversions easier to support the platform, he said Thursday.