Gold breaks above $4,500 an ounce for the first time

Gold prices in Thailand surged at market open on Thursday, August 20, 2026, with domestic prices rising 1,550 baht per baht-weight as the global spot price broke above the $4,500 per ounce level for the first time.huasengheng+1

A Record-Setting Rally

The sharp move in Thai gold tracked a broader global rally that saw gold climb more than 2.6% from the previous session's close of $4,341.83 per ounce. By early morning U.S. trading hours, gold had reached $4,472 per ounce, according to Fortune ↘ 0.76%, and continued climbing through the Asian session. Hua Seng Heng, one of Thailand's largest gold dealers, quoted the global price at $4,487.62 per troy ounce against an exchange rate of 32.84 baht per dollar.fortune+2

The move marks a sharp acceleration from earlier in August, when gold was trading near $4,395 per ounce, and brings the metal within striking distance of price targets set by several major banks earlier this year.fortune

Banks Eye $5,000 and Beyond

The rally aligns with forecasts from UOB United Overseas Bank Limited ↘ 4.61%, which had set a gold price target of $5,000 per ounce, citing global uncertainty as a key driver. UBS ↗ 2.27% went further in January, raising its gold price target to $6,200 per ounce for the first three quarters of 2026, citing stronger-than-expected investment demand, according to Reuters. JPMorgan had projected gold reaching $4,500 in the fourth quarter of 2026, a level the metal has now touched ahead of schedule.investing+1

The London Bullion Market Association's mid-year snapshot survey projected a full-year average gold price of $4,604, with forecasted highs in the second half ranging from $4,872 to $5,800, according to Kitco.kitco

Drivers of the Surge

Central bank buying has remained a pillar of support, with net purchases of 288.9 tonnes during the most recent reported quarter. The combination of persistent geopolitical tensions, expectations around Federal Reserve policy, and renewed ETF inflows has pushed gold well beyond the levels analysts anticipated at the start of the year. Gold is now up more than $1,130 per ounce compared to the same period a year ago.goldsilver+1