The World Gold Council has released its Q1 2025 gold demand trends report, revealing that gold bar and coin demand in Thailand surged to 10 tonnes—the strongest quarter for Thailand since 2019, with a 35% increase in value compared to the same period last year. Economic uncertainty and rising political tensions, combined with elevated gold prices, continue to drive demand for gold as a safe-haven asset in Thailand. Global gold demand across all sectors, including over-the-counter trading, increased 2% year-on-year to 1,231 tonnes. While demand volume rose moderately, the value skyrocketed to $193 billion, a 74% increase year-on-year. Retail investors worldwide are increasingly attracted to gold's price trajectory and safe-haven properties, pushing bar and coin demand up 42% year-on-year to 474 tonnes. Gold ETF demand remained positive in Q1, with holdings rising 62 tonnes, largely supported by continued strength in Asia-registered funds, which increased 84 tonnes during the quarter.

Gold jewelry demand, however, declined significantly by 23% year-on-year to 300 tonnes due to higher prices throughout the quarter. Thai jewelry demand followed global trends, dropping 5% year-on-year to 1.7 tonnes, with weakness visible in all major markets and notable declines in China (-32%), India (-19%), and the Middle East (-23%). Despite the volume decline, jewelry demand rose in value terms, reflecting consumer willingness to purchase gold at historically high prices. Market analysis suggests some jewelry consumption has shifted toward bars and coins, particularly in markets like China and India where jewelry serves as an alternative investment.

Sowkee Fann, Head of Asia-Pacific (excluding China) and World Head of Central Banks at the World Gold Council, stated that Thai investment gold demand delivered the strongest Q1 performance since 2019, with bars and coins surging 35% year-on-year to 10 tonnes. This signals investor confidence in gold, particularly given its strong performance amid rising geopolitical and economic uncertainties, supported by high inflation rates and persistently elevated prices, which should continue supporting investment demand and central bank purchases globally. Central banks worldwide remain a key demand driver, with net purchases of 244 tonnes in Q1, exceeding both the previous quarter and the five-year average, though some government institutions have increased gold sales.

On May 5, 2025, Somratsmi Chantarat, Director of the Puey Ungphakorn Institute for Economic Research, revealed that household debt—particularly among Thai farmers—is spreading and deepening into an accumulated crisis spanning more than three years. The Puey Ungphakorn Institute for Economic Research (PIER) has been collecting data jointly with the Bank for Agriculture and Agricultural Cooperatives (BAAC) to analyze solutions.

The data shows that if assessed solely by non-performing loan figures alone, the true severity of the farmer debt problem may not be apparent, as previous relief measures have continuously supported borrowers' status. However, in-depth analysis of approximately 3.97 million agricultural borrowers over the past decade reveals concerning trends: farmer debt has surged across all borrower categories, with median debt rising from 200,000 to 250,000 baht—three times higher than other household groups. Over 30% of borrowers have seen debt double in eight years, and over 30% are carrying debt exceeding half a million baht.

Trapped Paying Interest Without Closing Debt

Chantarat noted that the true crisis lies hidden in spending behavior: borrowers paying only interest rather than principal. This has become the predominant debt repayment culture among the country's farmers. Over the past eight years, those paying only interest rapidly increased from 20% to over half, while merely 10% of borrowers can consistently pay down the principal. Without targeted intervention, over half of agricultural borrowers face the prospect of being permanently trapped in unpayable debt, which will undermine the long-term development potential of Thai farming households and the agricultural sector.

Insufficient Income Declining Annually

Chantarat stated that limited capacity and income are major obstacles. Approximately 42% of agricultural borrowers have insufficient remaining income to service debt and face the risk of declining income every three years. When debt accumulates beyond capacity, available income is used solely to pay interest, making principal reduction impossible.

They also face hidden transaction costs from poor matching between annual payment schedules and actual income cycles. This causes approximately 65% of farmers' income—which arrives more frequently and from multiple sources—to not be efficiently allocated to debt repayment. Combined with transaction costs of 300-1,000 baht per visit to branch offices, small remaining monthly payments become uneconomical.

Fastening the First Button Correctly

Chantarat emphasized that past short-term relief measures represent a critical gap that has frozen the debt problem. Over the eight years, most measures focused on debt suspension and payment postponement to prevent non-performing status, currently covering 45% of borrowers and applied broadly even to capable groups. Beyond being an inefficient use of resources, this distorts incentives and undermines financial discipline.

Meanwhile, debt restructuring aligned with capacity—to unlock principal repayment—remains limited to groups with excessive debt. The policy gap must be closed through transitioning to long-term measures that fasten the first button correctly: restructuring debt to match capacity, reducing debt burden conditionally, and shifting from short-term relief measures.

Met Gala 2026 ignited from the opening moments when Thai superstars Lisa Manobal and Paan Nida Charoen Subhap graced the red carpet together in the creations of world-class designer Robert Wun. This wasn't merely a standard red carpet walk—it transformed into a powerful collaboration that captivated the entire fashion world.

In her triumphant second appearance, Lisa Manobal achieved an even greater milestone by being honored as one of the Host Committee members for Met Gala 2026, a role representing influential figures in global fashion and culture. Receiving this prestigious position in just her second year solidified her status as a global icon.

Meanwhile, Paan Nida Charoen Subhap made her sixth Met Gala appearance, setting a record as the Thai attendee with the most appearances. She continues to be invited as a special guest of Anna Wintour, reflecting the fashion world's confidence in her as a key figure in global fashion.

Met Gala, held at The Metropolitan Museum of Art in New York, remains the world's most exclusive red carpet, bringing together superstars and fashion icons worldwide to compete with looks based on this year's theme "Fashion Is Art," powerfully connecting to the "Costume Art" exhibition.

Paan's look reflected a futuristic world through an interpretation of AI technology and robotics in human life, created in collaboration with renowned designer Robert Wun. The highlight was a functioning mechanical silver hand that moves—a collaboration between Robert Wun and mechanical artist Casey Curran—transforming the look into "living art" that stunned onlookers.

Robert Wun further cemented his status by being selected to display his work in the Met Gala 2026 exhibition and by designing Lisa's look this year. The fact that both Thai women chose the same designer became one of the night's most talked-about moments.

Despite wearing different looks and styles, Lisa as a new-generation global superstar and Paan in her sixth Met Gala appearance created a combined force that captivated media and audiences worldwide. This marked another important milestone for Thai fashion, not just "reaching" the world stage but "standing at the center of conversation." When two Thai powers converged on the same night, it was no wonder the world turned its attention to Thailand once again.

On May 5, 2569, at Parliament House, Speaker Sophan Sararum convened a meeting with Deputy Speakers Mallika Jirapunthuwanich and Lertsak Pattanachaikul and House secretariat executives to establish policy directives. Sophan announced that for incomplete projects without Terms of Reference, departments should prepare plans by June for speaker approval. The 2570 parliamentary budget allocation faces an 18 percent reduction, prompting Sophan to request that the executive branch refrain from further cuts, citing substantial reductions already imposed. He directed the facilities office to expedite landscaping improvements to enhance the parliamentary building's appearance for the benefit of representatives, senators, staff, and the public. Additionally, unused rooms will be converted into a nursery for employees' children, with Deputy Speaker Mallika overseeing coordination with Bangkok Metropolitan Administration for a cooperation agreement. Sophan also issued an order suspending foreign study trips for committees, civil servants, and MPs during this period, though international relationship missions may proceed on a case-by-case basis when formally invited, given their importance to diplomatic and international strategic mechanisms.

Tone Bangkae, a well-known amulet trader, filed a complaint against Deputy Police Chief Charuneekiat Panakaew and associates at Phahonyothin Police Station, accusing them of using their authority to threaten and coerce debt repayment with his actual creditor, and canceling an original debt agreement dated May 1st.

After three hours of questioning with investigators at Phahonyothin Police Station on May 5th, Tone Bangkae revealed to the media that he filed charges against Deputy Police Chief Charuneekiat Panakaew for state officials demanding or facilitating debt collection on debts that are not theirs, violating the Debt Collection Act. He stated there are multiple individuals involved in supporting this wrongdoing but declined to name them due to the ongoing case.

Tone explained that on April 17th, he was contacted by fellow amulet trader Pong Suphon to privately discuss his debt situation. However, when he met Deputy Police Chief Charuneekiat, the officer allegedly said "Do you want to talk or not? If not, get out," which made him uncomfortable and suspicious about whether state officials can legally pursue debt collection.

Tone admitted he does owe debts to the creditor across two contracts worth hundreds of millions of baht, which he has been gradually repaying. He has paid ahead until 2027 and provided collateral including amulets, commercial buildings, and post-dated monthly checks. He firmly denied allegations of fraud or debt evasion, confirming he pays his debts and bank loans normally, verifiable through credit bureaus.

Regarding his high debt levels, Tone explained he needed working capital to circulate his amulet trading business. Sometimes amulets don't sell well or are unsold, requiring additional capital to maintain operations. He emphasized this is normal business practice and that his current financial status is stable after 30 years in business.