The Thai baht could strengthen to around THB30 against the US dollar in the near term, supported by surging global gold prices and renewed weakness in the greenback, according to market analysts, the Bangkok Post reports.

Gold has climbed to fresh record highs, approaching $4,500 an ounce, driven by a softer dollar, heightened geopolitical tensions and sustained buying by central banks. The rally has had a pronounced impact on the baht, reflecting Thailand’s role as a major hub for gold trading and the currency’s close correlation with movements in the precious metal.

The baht has already appreciated to a more than four-year high at just above THB31 per dollar, as the dollar index extended its decline for a second consecutive session. Strength in other Asian currencies, notably the Japanese yen, has reinforced the regional trend, with Tokyo warning against sharp moves that diverge from economic fundamentals.

So far this year, gold prices have risen by almost 70%, while the baht has gained more than 10%, making it the strongest-performing currency in the region. Analysts say that if current conditions persist, further appreciation remains possible, with the psychologically significant THB30 level now in view.

The currency’s advance underscores how global commodity dynamics and shifts in major currencies are reshaping capital flows across Asia, with Thailand emerging as a key beneficiary of the latest rally in gold.