Thai gold prices tumbled THB2,200 ($65.20) per baht-weight over two trading sessions to their weakest level in a year, drawing bargain hunters into shops, the Thai Examiner reported. According to the publication, the slide followed the US Federal Reserve's decision to leave interest rates unchanged and a theft of roughly $6.3bn from cryptocurrency exchange Binance.

Gold is a common household savings vehicle in Thailand, where buyers tend to purchase on dips and sell into rallies. The London Bullion Market Association estimates that annual Thai investment in bars and coins rose from 29 tonnes in 2021 to about 51 tonnes in 2025. Close to half of Thai gold transactions now take place online.

The Gold Traders Association changed its prices 27 times on October 30, ending the day THB650 lower at THB 63,750 per baht-weight. At 9.12 am the next morning it cut prices by another THB 1,550, setting the bar selling price at THB62,200, down from THB64,400 at the October 29 close. By November 1, prices had edged up only THB50 to THB62,250.

Spot gold dropped 3.5% on October 30 to around $3,881 an ounce. That was its lowest since October 2025 and more than 30% below January's peak of $5,595.

Pichaya Pisuthikul, vice president of the association, said markets had expected a quarter-point US rate rise, which lifted gold to THB64,900 on the night of October 29. Prices then fell after the Fed kept rates on hold. He added that the Binance theft, involving assets worth nearly THB200bn, led some investors to sell gold to raise cash.

The FBI attributed the attack to TraderTraitor, a hacking group linked to North Korea, although President Donald Trump questioned whether Pyongyang's role had been proven. Gulf Binance Co Ltd, which runs Binance TH, temporarily halted cryptocurrency deposits and withdrawals as a precaution and said Thai client assets were held separately from the global platform.

Thailand's Securities and Exchange Commission said early checks found no significant impact on customer assets held with local operators.

At Uthen Gold Shop in Khon Kaen, customers bought necklaces and rings on October 31, while others traded existing pieces for heavier ones. Owner Ekkalak Chanawirat said current prices were attractive for long-term buyers. He advised against committing large sums at once because global events could still push prices in either direction.