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Thai Gold market in Thailand shaken by huge Binance cryptocurrency theft linked to North Korean actors

Gold price bloodbath. Thai bullion crashes ฿2,200 to a one-year low as bargain hunters flood shops. A $6.3bn Binance hack and US Fed rate decision… Read More ›

thaiexaminerJoseph O' Connor查看原文 ↗

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泰国黄金市场因与朝鲜有关的币安加密货币巨额盗窃案而震荡。

November 1, 2026 at 11:09 am

in Economy , Living , Media , Thailand

Thai investors stormed gold shops this weekend as bullion plunged ฿2,200 per baht-weight to a one-year low. The sell-off followed a $6.3 billion Binance cryptocurrency heist and the US Federal Reserve’s decision to hold interest rates. Meanwhile, the FBI linked the record theft to North Korean hackers, while Binance TH suspended cryptocurrency transfers. Bargain hunters snapped up cheaper gold, while others reportedly sought to turn online holdings into physical metal. Despite the upheaval, Thai regulators reported no significant domestic cryptocurrency losses, and gold platforms remained stable. By Sunday, bullion had recovered just ฿50, leaving investors reeling from one of the year’s sharpest market collapses.

Thai gold buyers rushed into shops as bullion plunged ฿2,200 to a one-year low. A $6.3bn Binance hack and US Fed rate decision rattled markets, while Binance TH halted transfers. ( Source: Daily News )

Thai gold investors piled into shops this weekend as bullion prices plunged to their lowest level in a year. Bargain hunters bought jewellery, exchanged existing holdings and accumulated heavier pieces.

Others reportedly sought physical delivery of gold held through mobile applications. The rush followed a turbulent week marked by a record cryptocurrency theft and a crucial American interest rate decision. By Saturday morning, Thai bullion had lost ฿2,200 per baht-weight in just two trading sessions.

The sharp fall triggered brisk business in Khon Kaen, where customers descended on Uthen Gold Shop on Saturday, October 31. Reporters observed substantial numbers purchasing necklaces, rings and other jewellery.

Gold buyers rush into shops as the Federal Reserve decision and Binance theft trigger sharp market losses

Some exchanged existing pieces for heavier items, while others dipped into savings to buy more gold. Many expected prices to recover after the steep decline. Meanwhile, the collapse left existing investors facing substantial losses on bullion purchased at higher prices.

Three international developments dominated the week’s financial turbulence. First, the US Federal Reserve held interest rates unchanged on Wednesday, disappointing expectations of an increase.

The following day, hackers stole approximately $6.3 billion from cryptocurrency exchange Binance. Separately, international gold prices collapsed amid heavy selling across financial markets. The combined upheaval brought sharp adjustments to Thailand’s domestic bullion market.

Thailand’s Gold Traders Association revised prices 27 times on Friday, October 30. By the close, bullion had fallen ฿650 to ฿63,750 per baht-weight. However, Saturday brought a considerably sharper decline. At 9.12 am, the association announced another ฿1,550 reduction, taking the selling price to ฿62,200. The buying quotation stood at ฿62,000.

Gold jewellery was selling for ฿63,000 per baht-weight, with dealers buying at ฿60,761.28. Consequently, the combined two-session bullion decline reached approximately 3.4%. Thursday’s closing selling price had stood at ฿64,400. The market therefore lost ฿2,200 per baht-weight before the weekend. Notably, the fall brought domestic gold prices to their lowest level in a year.

Thai bullion recovers just ฿50 after a two-day plunge as global gold sinks to its lowest level in a year

By Sunday, November 1, bullion had recovered just ฿50. Gold bars were selling for ฿62,250, while jewellery reached ฿63,050. Nevertheless, prices remained ฿2,150 below Thursday’s closing level. The modest recovery followed two sessions of exceptional volatility, leaving investors confronting sharply reduced valuations.

International markets recorded an equally severe retreat. Spot gold plunged 3.5% on Friday to approximately $3,881 an ounce. This represented its lowest level since October 2025. Furthermore, bullion stood more than 30% below January’s record of $5,595 an ounce. The fall accompanied heavy selling in American technology shares and wider financial markets.

Pichaya Pisuthikul, vice president of the Gold Traders Association, identified two principal causes of the upheaval. The first was the Federal Reserve’s interest rate announcement. The second was the massive cryptocurrency theft, which added pressure to already unsettled markets.

According to Pichaya, investors initially anticipated a quarter-point American interest rate increase. Gold consequently climbed to ฿64,900 per baht-weight on Thursday night.

However, the Federal Reserve maintained its existing benchmark rate. Gold prices then fell sharply on Friday morning. The American central bank’s Open Market Committee had voted 10–2 on Wednesday, October 28. Its decision kept the benchmark interest rate at 3.75–4%. Two policymakers, Lisa Cook and Beth Hammack, supported an immediate quarter-point increase.

Federal Reserve holds rates as inflation persists and a stronger dollar puts further pressure on gold

The majority instead preferred to await further inflation evidence. American inflation remained above the Federal Reserve’s 2% target. Nevertheless, policymakers declined to tighten monetary conditions immediately.

Federal Reserve Chairman Kevin Warsh subsequently emphasised the importance of incoming economic information. Investors were also assessing the possibility of another rate increase in December.

The decision had immediate significance for precious metals. Gold produces no interest income, unlike deposits and other interest-bearing investments. Consequently, higher rates can increase the attraction of competing financial assets. Yet bullion prices also respond to currency movements, investor demand and broader market conditions. In this instance, the American dollar strengthened as gold prices fell.

Ekkalak Chanawirat, owner of Uthen Gold Shop in Khon Kaen, identified the strengthening dollar as a major influence. He said international investors were increasingly favouring the American currency over gold. Some were seeking quicker returns from currency movements. In addition, he cited weak economic conditions, Middle Eastern tensions and oil prices as important factors.

Khon Kaen gold dealer sees bargain hunters returning but warns prices could fall further before recovering

Ekkalak said bullion appeared to be declining, although the extent of further losses remained uncertain. Despite that uncertainty, he considered current prices attractive for long-term buyers.

He described the market as offering a favourable opportunity to accumulate physical gold. However, he cautioned against committing large sums immediately. International developments could still drive prices lower or produce another recovery.

His comments came as customers continued arriving at his shop throughout Saturday. Many were purchasing jewellery after the sudden price decline.

Others exchanged existing pieces for heavier necklaces and rings. Some believed prices might be approaching their lowest levels of the year. Accordingly, buyers were taking advantage of cheaper quotations while anticipating an eventual recovery.

The activity reflected a longstanding feature of Thailand’s gold market. Investors frequently buy during price declines and sell when quotations rise. Gold also serves as an established household savings instrument. Unlike many financial investments, jewellery and bullion can be sold directly through an extensive retail network. That accessibility remains important during periods of financial pressure.

Binance loses $6.3 billion in cryptocurrency theft as investigators trace funds to North Korean hackers

The week’s second major shock came from the cryptocurrency industry. On Thursday, October 29, hackers compromised internet-connected wallets belonging to Binance, the world’s largest cryptocurrency exchange.

The attack occurred at approximately 20.05 UTC. According to the company’s subsequent security statement, approximately $6.3 billion in digital assets was stolen.

The stolen holdings included Bitcoin, Ethereum, BNB and dollar-linked stablecoins, including USDT and USDC. The scale was unprecedented in the supplied reporting. In 2025, hackers had stolen approximately $1.5 billion from rival exchange Bybit. However, the Binance theft exceeded that figure more than fourfold. The breach immediately triggered international investigations and efforts to trace the stolen assets.

By Saturday, October 31, the FBI had attributed the attack to TraderTraitor, a hacking operation linked to North Korea. Investigators reported that the perpetrators were converting stolen cryptocurrency primarily into Ethereum.

They also warned that decentralised financial services could conceal transactions involving the missing assets. In response, the FBI urged cryptocurrency exchanges and blockchain investigators to block transactions connected to identified digital addresses.

Trump questions North Korean link as Binance freezes $3 billion and promises to cover customers’ losses

President Donald Trump, however, questioned whether North Korean responsibility had been conclusively established. The investigation continued amid competing statements about the perpetrators.

Separately, Binance promised to absorb the losses rather than transfer them to customers. Its October 30 statement reported that approximately $3 billion in stolen assets had been frozen on blockchain networks.

The company also identified substantial corporate reserves allocated to replacing missing cryptocurrency. Nevertheless, freezing stolen assets does not guarantee their recovery. The eventual amount returned remains uncertain. The theft also exposed the scale of financial losses possible when internet-connected cryptocurrency wallets are compromised.

The consequences quickly reached Thailand. On Friday, Gulf Binance Co Ltd, operator of Binance TH, temporarily suspended cryptocurrency deposits and withdrawals. The company described the restrictions as precautionary measures following the international breach. However, it stressed that Thai customer assets were held separately from Binance’s global platform.

Binance TH suspends crypto transfers but says cold wallets are safe as Thai regulators demand assurances

Gulf Binance also said its independently operated cold-wallet storage systems had not been compromised. Other platform services remained available during additional security examinations.

Meanwhile, Thailand’s Securities and Exchange Commission sought information from licensed domestic cryptocurrency operators. Preliminary assessments showed no significant impact on customer assets.

The regulator nevertheless instructed operators to examine their exposure and monitor suspicious transactions. Companies were also required to report measures protecting customers. There was no verified evidence that Binance TH customers suffered losses from the international theft. Even so, the precautionary suspension temporarily interrupted deposits and withdrawals.

Pichaya linked the cryptocurrency incident to broader financial market selling. He said the theft involved digital assets worth nearly ฿200 billion. According to his account, the upheaval contributed to a decline exceeding 500 points in American stocks. Thailand’s stock market also lost more than 20 points. Investors feared losing cryptocurrency deposited with exchanges, adding to financial market uncertainty.

Gold selling adds to market pressure while some app users reportedly seek delivery of physical bullion

Some consequently sold other assets, including gold, to raise cash and offset potential losses. The selling intensified pressure on bullion prices already weakened by international developments.

In parallel, reports emerged of customers seeking physical delivery of gold accumulated through mobile applications. Some reportedly feared losing access to their savings following the Binance incident.

Reports described customers converting online gold balances into jewellery or bullion. However, this activity differed from ordinary bargain hunting. Some customers were purchasing additional metal after prices fell. Others wanted physical possession of gold already accumulated through digital services. A separate group was exchanging existing jewellery for heavier pieces.

The available evidence did not establish a nationwide withdrawal run from digital gold platforms. Industry representatives reported that online trading continued normally. Moreover, there was no alarming increase in selling pressure or widespread withdrawals. Investors who had purchased gold at higher prices were generally maintaining their positions. Some faced requirements to provide additional funds rather than liquidating their holdings.

Online gold platforms report normal trading despite Binance fears and growing demand for physical holdings

Crucially, representatives reported no hacking problems affecting the gold trading applications themselves. The Binance attack involved cryptocurrency infrastructure, not the domestic digital gold platforms covered by those observations. Nevertheless, the incident coincided with reported customer interest in converting online gold savings into physical metal.

Online gold investment also differs from cryptocurrency ownership. Many Thai digital gold services represent holdings administered by bullion dealers or custodians. Eligible customers can redeem accumulated balances for physical metal under specified conditions. However, redemption requirements vary between operators. Some impose minimum quantities, delivery charges or transaction costs.

Other investment products provide exposure to gold prices without guaranteeing physical redemption. Consequently, investors cannot assume every online gold balance can be exchanged directly for bullion. The distinction has become increasingly important as Thailand’s digital gold market expands.

Thailand has a substantial network of established gold dealers. Major companies include Hua Seng Heng, YLG Bullion International, Ausiris Gold and MTS Group. These businesses operate across retail jewellery, wholesale bullion and digital investment services. Their operations connect Thailand’s traditional gold market with international prices and electronic trading systems.

Thailand’s gold market blends online trading with a vast network of bullion dealers and household savers

Research by the London Bullion Market Association identifies Thailand as a major retail investment market. Annual investment in gold bars and coins increased from 29 tonnes in 2021 to an estimated 51 tonnes in 2025. Bangkok accounts for more than 80% of the country’s wholesale gold transactions. The figures demonstrate the scale of Thailand’s bullion business and its concentration in the capital.

Digital transactions have also expanded rapidly. According to the association, nearly half of Thai gold transactions now occur online. For some major dealers, electronic transactions account for more than half their investment business. Thai banks have also established partnerships with bullion companies, widening access to digital gold investment.

Despite this expansion, physical gold remains firmly established in household finances. Customers can purchase jewellery, accumulate bullion or sell existing holdings directly to dealers. Gold shops therefore provide an accessible source of cash during financial difficulties. The country’s extensive retail network supports both investment purchases and the liquidation of household savings.

That role became particularly evident during the pandemic. Thai investors became net sellers of physical gold, liquidating more than 87 tonnes. Many households needed money for living expenses and financial commitments. The London Bullion Market Association identified this selling as evidence of gold’s importance as a household reserve.

Gold buyers and sellers face starkly different outcomes as a two-day slide wipes ฿2,200 off bullion

The latest decline created sharply different incentives for buyers and sellers. Households requiring immediate cash could sell existing gold despite falling quotations.

Conversely, investors with available savings could purchase additional bullion at substantially reduced prices. The financial differences were considerable, particularly for customers holding larger quantities.

Five baht-weight of bullion cost ฿322,000 at Thursday’s closing selling price. By Saturday morning, the equivalent quoted selling value had fallen to ฿311,000. The decline therefore amounted to ฿11,000 before accounting for trading spreads. Larger holdings suffered correspondingly greater reductions in their quoted value.

Jewellery transactions involve additional costs. Manufacturing charges are generally included in retail prices. Resale quotations may also involve further deductions. As a result, customers exchanging necklaces or rings must consider both bullion prices and individual dealers’ terms. The amount received can differ substantially from the original purchase price.

Thailand’s financial authorities have already tightened oversight of online gold trading. Earlier in 2026, the Bank of Thailand announced measures affecting baht-denominated digital transactions. These included a ฿50 million daily transaction limit per customer, subject to specified exemptions and approvals. Physical gold transactions and foreign-currency trading received different treatment.

Bank of Thailand tightens digital gold rules as large transactions draw scrutiny over currency movements

The measures sought greater transparency, tighter money-laundering controls and reduced disturbances in the baht. Large online gold transactions had already attracted regulatory attention because of their influence on currency markets. The expansion of digital trading had also increased the importance of electronically executed bullion transactions.

International gold is generally quoted in dollars, while Thai dealers publish domestic prices in baht. Accordingly, local quotations reflect both international bullion prices and exchange-rate movements. A strengthening baht can amplify domestic declines when international gold prices fall. Conversely, depreciation can partly offset losses in dollar-denominated bullion.

Large gold transactions can also affect currency demand as dealers convert proceeds between dollars and baht. The market therefore extends beyond jewellery shops and retail investment accounts. It also connects with foreign-exchange trading, banking services and financial regulation.

The week’s turmoil brought these markets together. Cryptocurrency exchanges faced security investigations, while gold traders confronted falling international prices. At the same time, Thai customers responded to cheaper bullion and reports of digital asset disruption. However, the strongest documented evidence of increased physical buying came from Khon Kaen.

Khon Kaen gold shops see brisk demand but nationwide flight from online holdings remains unconfirmed

Reporters observed substantial customer activity at Uthen Gold Shop following Saturday’s sharp decline. Buyers purchased necklaces and rings, exchanged existing jewellery and used savings to acquire more gold. Some anticipated a recovery after prices reached their lowest level in a year. Ekkalak nevertheless warned that further declines remained possible.

Separately, reports described online gold investors seeking physical delivery following the Binance incident. Industry representatives maintained that digital gold trading remained orderly. There was no confirmed widespread withdrawal run. Nor did the available evidence establish how many cryptocurrency investors transferred funds directly into physical bullion.

By Sunday, Thai gold prices had recovered only ฿50 from Saturday’s opening quotation. Bullion remained ฿2,150 below Thursday’s closing level. International gold had fallen to approximately $3,881 an ounce. The domestic market was therefore entering another trading period following a severe two-session decline.

Binance, meanwhile, faced continuing investigations into the $6.3 billion theft. Its Thai operation had introduced precautionary restrictions, while regulators monitored licensed cryptocurrency businesses. Gold dealers were also watching American interest rates, dollar movements and international bullion prices. Each had contributed to the week’s financial turbulence.

Gold investors confront a one-year price low after Binance theft and Fed decision shake global markets

For Thai gold investors, the weekend produced an extraordinary combination of events. A record cryptocurrency theft unsettled digital markets. The Federal Reserve held American borrowing costs unchanged. International gold prices plunged, dragging Thai bullion to a one-year low.

Yet the fall also brought buyers into gold shops. In Khon Kaen, customers purchased cheaper metal and exchanged existing jewellery for heavier pieces. Others reportedly sought physical delivery of gold held through applications. The documented activity showed brisk retail demand, although digital gold trading remained orderly.

The figures captured the scale of the reversal. Thai bullion lost ฿2,200 per baht-weight in two sessions, while international gold fell to a one-year low. By Sunday, only ฿50 of the domestic decline had been recovered. Canny Thai investors had already moved into gold shops, buying cheaper bullion and jewellery amid one of the year’s sharpest market sell-offs.

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Joseph Anthony is an expat from Ireland who has lived in Thailand for the last decade. He has worked extensively in the media including editorial positions in Ireland and Thailand. He is focused on economic and business stories in Thailand as well as the expat lifestyle.

All posts by Joseph O' Connor

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