Gold Market Review: 19–21 May 2025

Originally published 2025-05-21. Translation and editorial review: 14 October 2026. Market figures refer to the original reporting period.

Over the past 3 days (19–21 May 2025), the price of gold has fluctuated significantly. It is influenced by many important factors both globally and within the country as follows:

🔺 Factors that support the price of gold to increase.

1. The depreciation of the United States dollar (USD).

A weaker US dollar makes gold, which is traded in dollars, cheaper for foreign investors. As a result, the demand for gold increases. and the price of gold in the world market has increased.

2. Strong purchasing power of safe assets from geopolitical uncertainty.

Uncertainty regarding peace talks between Russia and Ukraine. This has caused investors to turn to holding gold as a safe asset. As a result, the price of gold has increased.

3. Downgrade of the credit rating of the US government by Moody's.

On May 19, 2025, Moody's Investors Service downgraded the long-term credit rating of the US government from Aaa to Aa1, encouraging investors to buy gold as a safe-haven asset. As a result, the price of gold increased by more than 50 US dollars.

🔻 Factors that pressure the price of gold to adjust downward.

1. Selling to take profits after gold prices rose.

after the price of gold rose rapidly. Some investors sold to make a profit. As a result, the price of gold will decrease in the short term.

2. The baht has strengthened.

The baht strengthens against the US dollar. As a result, the price of gold in the country has decreased. Even though the price of gold in the world market has increased.

Trends and recommendations

Analysts from GCAP GOLD expect that if the gold price can stand above the level of 51,500 baht, there is a chance of rising further to the level of 52,800 baht.

However, investors should follow various factors closely because the price of gold is still fluctuating from both domestic and international factors.