Thailand’s Digital Gold Mega Investors Hit by Central Bank’s Rush to Control the Baht
Investors described as too old for crypto and too young for shopfront dealing are being swept up in the crackdown.
An advertisement for gold trading app in Bangkok’s Chinatown in November.
Photographer: Lauren DeCicca/Getty ImagesA crackdown on online gold trading in Thailand risks dimming a rare bright spot for investors, platforms have warned, with the central bank floating further curbs.
As gold rallied globally in 2025, the Thai currency climbed alongside it, hitting a five-year high and causing a headache for the export-driven, tourism-dependent economy. The central bank blamed online gold speculators whose rapid-fire transactions worth millions of dollars at a time amplified swings in the baht — some days by as much as 30%.