Gold and Bitcoin are poised for record highs as fears over potential US trade tariffs and geopolitical tensions drive investors toward safe-haven assets, according to experts speaking at the Thailand Investment Forum 2025 on Saturday.
Gold Eyes $4,000 Per Ounce
Kritcharat Hirunyasiri, chairman and CEO of MTS Gold Group, forecasted gold prices could reach between $3,000 and $4,000 per ounce in the latter half of 2025. He attributed this surge mainly to uncertainties surrounding “Trump tariffs,” which remain unresolved amid ongoing negotiations. Kritcharat described the current climate as favourable for investors seeking high-return safe assets.
Gold has already gained momentum, rising 30% in the first quarter of 2025 alone, surpassing the 35% increase recorded for all of 2024. Over the past three years, gold has averaged annual growth of 15%. Kritcharat noted that gold’s price climbed from $2,000 two years ago to firmly settle at $3,000, boosted by a weakening US dollar. While conflicts in Ukraine and the Middle East continue to support prices, the potential impact of US trade policies remains the dominant factor.
Bitcoin’s Cyclical Growth Persists
Jirayut Srupsrisopa, founder and CEO of Bitkub Capital Group, highlighted Bitcoin’s four-year cyclical pattern, with every fourth year historically marking a “golden year” featuring surges up to 10,000%. Currently valued at a $2.078 trillion market cap, Bitcoin enjoys growing institutional adoption. Americans hold more Bitcoin than gold, and governments also maintain significant reserves: the US with 200,000 Bitcoin, China over 100,000, and the UK 80,000.
Jirayut expects China to expand its Bitcoin holdings further, potentially matching the US. He compared Bitcoin to prime Bangkok real estate, suggesting major powers will hoard rather than sell, supporting long-term price gains. He also emphasised artificial intelligence’s role in deepening investment across asset classes, sustaining Bitcoin’s growth momentum.
Equity Markets Remain Volatile
Trawut Luangsomboon, CEO of Jitta Wealth, acknowledged ongoing volatility in capital markets during early 2025, largely due to tariff uncertainties. He noted some relief after President Trump delayed new tariffs by 90 days but stressed that outcomes remain unpredictable, especially regarding EU negotiations. Market sentiment has suffered from psychological impacts, though actual tariff effects may be milder than feared.
Despite this, Trawut remains cautiously optimistic about equities, advising investors to seek assets that hedge against inflation such as stocks, gold, and Bitcoin. He believes well-managed portfolios will deliver solid long-term returns.
Thai Market Outlook: Cautious Optimism
Investment managers in Thailand foresee gradual improvement in the local stock market in the second half of 2025, following a period of global economic and geopolitical uncertainty. Chavinda Hanratanakool of Krungthai Asset Management suggested that even minor progress in tariff talks could provide positive momentum, with clearer market direction expected by July.
Poj Harinsut from One Asset Management highlighted persistent risks, warning that renewed US tariffs could disrupt monetary and fiscal policies, increase inflation, and limit interest rate cuts, all of which could hamper growth. Win Phromphaet of Kasikorn Asset Management agreed that while the worst may be behind, investors should remain vigilant and actively manage portfolios to navigate ongoing uncertainties.
Fund managers recommend reassessing portfolios to focus on assets resilient to inflation and market swings, ensuring readiness for volatility while capturing emerging opportunities.
