Category: The Bangkok Post

Despite its sizzling momentum, the ongoing gold rally is not a bubble as strong fundamentals and technical signals continue to support the market, says YLG Bullion and Futures, adding that a US$4,000 target remains in sight.

Bullion surged by 45% this year to reach $3,850 an ounce on Thursday, with domestic gold prices rising 39.6%, repeatedly setting all-time highs.

“Gold has entered overbought territory and may face bouts of selling pressure,” said Tipa Nawawattanasub, chief executive YLG. “But in the medium to long term, the uptrend remains intact, and prices could reach $4,000 an ounce.”

YLG highlights four key factors driving gold’s powerful rally. First, concerns over the independence of the US Federal Reserve (Fed) have cast doubt on the dollar’s long-term credibility, making gold an attractive hedge against political interference in monetary policy.

Second, expectations of Fed rate cuts have grown due to weak US labour market data, reinforcing the appeal of non-yielding assets such as gold.

Third, central banks continue to provide strong support to the market. Since 2022, they have collectively purchased more than 1,000 tonnes of gold annually, twice the average of the previous decade. Notably, China has been a consistent buyer for 10 straight months, boosting its reserves to more than 2,300 tonnes.

Finally, investor flows into gold-backed exchange-traded funds (ETFs) have resumed after two consecutive years of outflows. This year ETFs have accumulated nearly 588 tonnes, underscoring renewed confidence and strengthening the demand side of the market.

These four forces — monetary policy risks, rate cut expectations, sustained central bank buying, and a revival in ETF demand — have formed a solid foundation for gold’s continued ascent, Ms Tipa said.

In the short term, YLG views possible pullback “as a pause before climbing higher”. Breaking through resistance near $3,850 could pave the way toward the trader’s 2025 target of $4,000.

She said the gold rally has also been fuelled by temporary events, including heightened uncertainty around a potential US government shutdown, which historically shaves around 0.15% off quarterly GDP growth and disrupts employment figures.

For investors, YLG recommends futures trading as an attractive vehicle in a high-price environment as futures generally allow profit opportunities in both rising and falling markets.

“Despite short-term volatility, the foundations for gold remain rock solid,” said Ms Tipa. “This is not a bubble, but a structural uptrend driven by central banks, monetary policy shifts, and renewed investor demand.”

As Swarovski celebrates “130 Years Of Joy” throughout 2025, expect the maison’s majestic waterfowl gracing the anniversary editions.

Global creative director Giovanna Engelbert has reinterpreted the Swarovski Swan for statement pieces under the commemorative Vienna Collection.

“The swan is a beautiful, almost mythical creature that represents grace, beauty, eternal love and transformation. It was chosen as Swarovski’s emblem because it highlights our eternal love of crystal and the elegance of our artistry and creations,” said the global creative director since 2020.

The logo originally featured an edelweiss as a symbol of purity and beauty. Swarovski modernised its trademark in 1989 with a swan, inspired by the works of Gustav Klimt.

In 2021, Engelbert evolved the logo by placing the swan inside an octagon with strong edges representing the savoir-faire of Swarovski’s artisans.

The know-how includes meticulous crystal setting and high-jewellery techniques, used in crafting the Vienna Collection.

Luminous clear crystals contrast with ruthenium accents in the architectural designs while the kinetic energy of abstract wings and feather-like forms evoke the swan’s graceful movements. Pavé detailing and stones in mixed cuts and sizes intensify the light in each piece.

“I wanted to pay homage to the Swarovski Swan by imagining it in an abstract way, taking flight — a symbol of movement, energy and reinvention. These designs are meant to feel classical in spirit, but with a sharp, contemporary edge that feels alive. They transcend time, taking us from 1895 to 2025 — a journey between heritage and the future,” said Engelbert.

A prelude to the epic, Daniel Swarovski invented an electric cutting machine and applied for a patent in 1891. The revolutionary technology allowed cutting jewellery stones into a variety of shapes and facets.

A new era of crystal production then began in 1895, when Swarovski partnered with Franz Weis and Armand Kosmann in establishing their business in the small alpine village of Wattens in Tyrol, Austria.

With its own melting furnace, the company has been producing crystal glass in-house since 1913. Innovative cutting and polishing techniques further made Swarovski Crystals unrivalled in the way they capture the light and refract it with an intense brilliance, clarity, radiance and depth of colour.

Today, new crystal cuts, shades and sizes are still conceived at the historical headquarters in Wattens. Other materials include Swarovski Created Diamonds with the same optical, chemical and physical attributes as mined stones; and Swarovski Zirconia with the Round Pure Brilliance cut, comparable to Tolkowsky Ideal Cut.

Crystals in various cuts as well as Swarovski Zirconia shimmer on various pieces from the Vienna Collection such as the ruthenium-plated choker with a pear-shape crystal at the tip enhancing the radiance.

The designs of the sculptural choker, matching ear cuffs and bangle are inspired by the swan’s graceful wings.

Octagon-cut crystals and feather-like wings characterise a standout necklace while a fringe-like effect on ear cuffs captures the delicate nature of feathers.

A ring is designed with the swan’s head and neck wrapping around the finger along with dramatic feather-like strands.

The emblematic swans from the Vienna Collection have seemingly migrated to the autumn/winter 2025 collection. The jewellery are designed with the same mixed-cut silhouettes in ruthenium and clear crystals, to further celebrate Swarovski’s 130th anniversary.

For many years, Ukraine’s foreign policy was focused mainly on Europe and North America. It was natural: Ukraine’s path of European integration, security, and reforms demanded most of our capacity.

But now we must admit: there were many opportunities we missed in Africa, the Middle East, and Asia, including the southeastern region of Asia. Sometimes this was due to limited resources, sometimes because of the legacy of Soviet foreign policy and Moscow’s foreign influence.

One misconception we observe in many parts of the world, and in Asia, indeed, too, is that Russia has deep historical ties with the region. In reality, much of what is remembered as “Soviet heritage” and attributed mainly to Russia was no less, if not more, Ukraine’s contribution. Ukrainian specialists helped build infrastructure in many countries abroad, including Malaysia and Indonesia, worked on major transport projects, and even took part in global efforts such as the construction of the Suez Canal and in the development of space technology. Thousands of doctors, engineers, and diplomats from Asean countries have studied in Ukrainian universities. Russia today tries to “occupy” this legacy, but the truth is that Ukraine has played a significant role.

Ukraine also has a tradition of supporting developing nations in international institutions. For example, at the United Nations, Ukrainian diplomats were often among the first to raise the voices of African and Asian states. The diplomats of Ukraine co-authored numerous resolutions and amendments to international conventions, actively advocating for the rights of the captive nations of the world. The Ambassador of the Ukrainian SSR to the UN, Hennadii Udovenko, was the Vice-Chairman of the Special Committee against Apartheid.

And these are a few of the many things that make us natural partners for the Association of Southeast Asian Nations (Asean): we understand the value of sovereignty, diversity, and the search for peace.

Today, Asean is one of the most dynamic regions of the world. For Ukraine, building ties here is not only about trade, but also about values and security. Since 2021, we have been an observer in Asean, and next year we aim to become a sectoral partner. This means cooperation across many areas, including agriculture, technology, infrastructure, energy, and education.

There are many parallels between Ukraine and Asean countries. Ukraine is a multiethnic and multireligious state, just like many countries in Asean, and Asean itself is a very diverse region. We all face both external threats and pressure and internal challenges. In Ukraine, the occupation of Crimea since 2014 has shown how aggression can destabilise an entire region and go even beyond. Crimea is central to security in the Black Sea. And it is not just our issue: attacks on ports and grain exports affect global food security. Asean countries know well how maritime security impacts the economy and stability.

We also see common lessons in transitional justice and reconciliation. As an example, Timor-Leste and the Bangsamoro region in the Philippines have been through their own experiences of conflict resolution, peace agreements, and post-conflict elections. Ukraine is now also thinking about the reintegration of occupied territories, the rights of indigenous peoples, and transitional justice. And until recently, we too were under the yoke of a foreign empire. Sharing these lessons makes our dialogue truly valuable.

Academic and cultural exchange is another bridge between our societies. The Global Coalition for Ukrainian and Crimean Tatar Studies, initiated by First Lady Olena Zelenska, can connect with Asean universities and research centres. Joint projects in education, media, and civil society help fight disinformation and promote mutual understanding.

Economically, Asean can find new markets and become a potential investor in Ukraine. Even amid the war, there are many opportunities for cooperation in technology, agriculture, and energy. After the war, reconstruction will open even more possibilities — infrastructure, healthcare, green technologies. At the same time, Ukraine can learn from Asean’s impressive progress in infrastructure and medical technologies, to name a few.

Finally, Asean countries can also learn from Ukraine. The occupation of Crimea shows how the seizure of a maritime region affects not only one country but global security and food supply chains. This is a reminder that aggression anywhere is a threat everywhere.

I believe that there is great potential for deepening ties between Asean and Ukraine, and I mean in practical terms. We live in perilous times, and we all face great challenges. But it is always good to help each other overcome them.

Former prime minister Paetongtarn Shinawatra has expressed confidence that the Pheu Thai Party will regain power, while reaffirming its core mission of serving the people.

The party on Friday released a 23-minute video on its official Facebook page featuring Ms Paetongtarn, Thailand’s 31st prime minister and current party leader, reflecting on two years of governance under the Pheu Thai-led administration.

The video is the first in a new series titled ‘Pheu Thai Will Return’, which seeks to emphasise the party’s long-standing promise to improve people’s quality of life and ensure national well-being.

The message also underscored Pheu Thai’s readiness to continue unfinished work if entrusted with leadership once again.

In her address, Ms Paetongtarn reiterated her support for signature policies, including the 20-baht cap on electric train fares, affordable housing projects, and education grants.

She also pointed to ambitious tourism initiatives, such as bringing Formula 1 races and world-class entertainment festivals like Tomorrowland to Thailand, as part of efforts to revitalise the economy.

‘If Pheu Thai returns to government, we’ll definitely push these ideas forward,’ she said. ‘Man-made destinations can refresh and renew our country.’

On national security, she highlighted cybercrime as an urgent concern, revealing that she herself had once been targeted by scammers using AI-generated audio to impersonate a world leader.

‘The voice message sounded just like President Trump, though slightly robotic. If I can be tricked, ordinary people are at even greater risk,’ she said. ‘That’s why I was determined to crack down on it – and we succeeded.’

She credited international cooperation, particularly with Myanmar, for successful efforts against online scams, while also stressing the importance of ongoing campaigns against drug trafficking, the expansion of universal healthcare, and support for creative industries through initiatives such as Thailand Creative Culture Agency.

As a Gen Y leader, Ms Paetongtarn said her generational perspective helped her connect with people and adapt to modern governance.

‘Being in government doesn’t mean solving every problem in a few months,’ she said. ‘But I believe we laid strong foundations, especially in the economy.’

She concluded by reaffirming Pheu Thai’s political identity as a party rooted in listening to the people and solving real problems.

‘Even if I’m not prime minister, the mission remains. Serving the people is our most important goal.’

The tourism and sports minister has acknowledged Thailand is no longer a “tourism giant”, but he plans to attract 2-3 million more Chinese tourists during his four-month term.

“Thailand is not a tourism giant anymore as new competitors are emerging. This situation has forced us to adjust our mindset. We should target markets that truly have growth potential,” said Tourism and Sports Minister Artthakorn Sirilatthayakorn during his first visit to the Tourism Authority of Thailand (TAT) on Thursday.

He presented his working policy called “Big Impact, Act Fast” to TAT executives and is scheduled to meet ministry officials on Saturday.

Among the markets shrinking this year, Mr Artthakorn said China still has potential and the government is aiming for 2-3 million more Chinese tourists during his four-month term.

He said the TAT is tasked with promoting Thailand’s strengths, such as Thai food and hospitality, which requires strong collaboration between domestic stakeholders and overseas partners.

Mr Artthakorn said the ministry and the TAT plan to focus on markets with high growth potential, including Japan, China, South Korea, India, Saudi Arabia, United Arab Emirates, Qatar and Jordan.

Meanwhile, he said Thailand should be able to maintain the flow of inbound markets that already recorded strong performance, including the US, Europe, Scandinavia, Russia and Poland.

To spread tourism revenue, Mr Artthakorn said the government will continue encouraging both local and foreign tourists to visit second-tier cities.

According to the TAT, foreign arrivals this year are projected at 33.4 million, down from 35.5 million recorded last year.

He said he wants the TAT to work ambitiously in the final months to push arrivals past that forecast.

Mr Artthakorn also emphasised upgrading tourism safety measures by promoting use of the Thailand Tourist Police app, as well as utilising artificial intelligence technology to detect suspicious behaviour and prevent crime.

He said the ministry will cooperate with relevant stakeholders to welcome visitors during the 33rd SEA Games in the fourth quarter, as the event could help reassure the international community about safety in Thailand if it runs smoothly.

Myanmar nationals residing in refugee camps can now register for a permit that will allow them to work legally in the country, the Ministry of Labour announced.

The move came after the cabinet on Aug 26 passed a resolution allowing refugees to take up jobs in the country, as part of the government’s bid to address labour shortages.

Labour Minister Trinuch Thienthong said on Thursday the resolution, which took effect on Wednesday, is in line with the government’s plan to meet the demand for labour from various industries while providing refugees with the opportunity to participate in the economy legally.

The move will benefit 42,601 refugees aged between 18-59 living in nine shelters across Mae Hong Son, Tak, Kanchanaburi, and Ratchaburi provinces — about 12,000 of whom have expressed interest in working, said Pichet Thongphan, director-general of the Department of Employment.

He noted employers have already registered 6,152 vacancies.

Sectors with the highest demand include construction, electronics manufacturing, agriculture, livestock, fisheries, and food and beverage production, he said.

Employers seeking workers from refugee shelters must first register the vacancies they wish to fill at their local employment office, providing details about the position and the duration of the contract.

The relevant authorities will direct employers to choose from a pool of applicants deemed suitable for the jobs they listed.

The workers must then seek permission from district authorities to leave the controlled area. Once outside the camps, they must report to authorities in the province of employment within 48 hours, he said.

Employers must then bring the workers to a state medical facility to undergo health checks and register them for insurance.

Afterwards, employers can submit work permit applications with all the required supporting documents.

The initial application fee is set at 100 baht, while the annual permit renewal fee is 900 baht. Workers may engage in all types of jobs not explicitly prohibited for foreigners.

Mr Pichet urged employers to follow all procedural requirements to ensure compliance with the law. Guidance and support are available at provincial employment offices nationwide or via the Ministry of Labour hotline at 1506.

As Swarovski celebrates “130 Years Of Joy” throughout 2025, expect the maison’s majestic waterfowl gracing the anniversary editions.

Global creative director Giovanna Engelbert has reinterpreted the Swarovski Swan for statement pieces under the commemorative Vienna Collection.

“The swan is a beautiful, almost mythical creature that represents grace, beauty, eternal love and transformation. It was chosen as Swarovski’s emblem because it highlights our eternal love of crystal and the elegance of our artistry and creations,” said the global creative director since 2020.

The logo originally featured an edelweiss as a symbol of purity and beauty. Swarovski modernised its trademark in 1989 with a swan, inspired by the works of Gustav Klimt.

In 2021, Engelbert evolved the logo by placing the swan inside an octagon with strong edges representing the savoir-faire of Swarovski’s artisans.

The know-how includes meticulous crystal setting and high-jewellery techniques, used in crafting the Vienna Collection.

Luminous clear crystals contrast with ruthenium accents in the architectural designs while the kinetic energy of abstract wings and feather-like forms evoke the swan’s graceful movements. Pavé detailing and stones in mixed cuts and sizes intensify the light in each piece.

“I wanted to pay homage to the Swarovski Swan by imagining it in an abstract way, taking flight — a symbol of movement, energy and reinvention. These designs are meant to feel classical in spirit, but with a sharp, contemporary edge that feels alive. They transcend time, taking us from 1895 to 2025 — a journey between heritage and the future,” said Engelbert.

A prelude to the epic, Daniel Swarovski invented an electric cutting machine and applied for a patent in 1891. The revolutionary technology allowed cutting jewellery stones into a variety of shapes and facets.

A new era of crystal production then began in 1895, when Swarovski partnered with Franz Weis and Armand Kosmann in establishing their business in the small alpine village of Wattens in Tyrol, Austria.

With its own melting furnace, the company has been producing crystal glass in-house since 1913. Innovative cutting and polishing techniques further made Swarovski Crystals unrivalled in the way they capture the light and refract it with an intense brilliance, clarity, radiance and depth of colour.

Today, new crystal cuts, shades and sizes are still conceived at the historical headquarters in Wattens. Other materials include Swarovski Created Diamonds with the same optical, chemical and physical attributes as mined stones; and Swarovski Zirconia with the Round Pure Brilliance cut, comparable to Tolkowsky Ideal Cut.

Crystals in various cuts as well as Swarovski Zirconia shimmer on various pieces from the Vienna Collection such as the ruthenium-plated choker with a pear-shape crystal at the tip enhancing the radiance.

The designs of the sculptural choker, matching ear cuffs and bangle are inspired by the swan’s graceful wings.

Octagon-cut crystals and feather-like wings characterise a standout necklace while a fringe-like effect on ear cuffs captures the delicate nature of feathers.

A ring is designed with the swan’s head and neck wrapping around the finger along with dramatic feather-like strands.

The emblematic swans from the Vienna Collection have seemingly migrated to the autumn/winter 2025 collection. The jewellery are designed with the same mixed-cut silhouettes in ruthenium and clear crystals, to further celebrate Swarovski’s 130th anniversary.

The next general election is likely to cause the country its biggest headache ever. It will be the first time that voters will have four ballots — two for electing lawmakers and two for public referendums.

The first two ballots will include normal voting papers to elect constituency MPs and list-MPs to parliament and Government House. The third ballot will be a referendum about the content and process of planned constitutional amendments.

The real conundrum is the final ballot. It is a referendum on whether eligible voters should retain or repeal MoU 43 (2000) and MoU 44 (2001), signed with Cambodia, regarding the establishment of joint border committees to resolve land and maritime border disputes.

The fourth ballot is a fresh initiative of the new government of Prime Minister Anutin Charnvirakul. It is facing pressure to address the Thai-Cambodia border issue, especially from an angry public that wants to see the government scrap both of the MoUs.

However, it remains a significant question why the Anutin government is allowing this foreign policy decision to be made by voters. Regarding the voters, deciding on the MoUs with Cambodia requires an understanding of history and its long-term effects.

Both MoUs have served as key diplomatic frameworks for the two countries to negotiate border demarcation and long-term resource sharing.

Political experts have publicly warned about the troubles ahead. Former election commissioner Somchai Srisutthiyakorn even warned that parliament could face delays in passing the required organic laws for elections and referendums.

A delay in parliament would mean another big political conflict for the Anutin government, which may face protests if it stays beyond the promised four-month term in office.

But the biggest challenge is preparing voters for the referendum. How will the government provide quality, well-balanced information for the public to decide?

Elections and public referendums require more than just setting days and venues, as both issues are complex and highly politicised.

Charter amendment has been a divisive issue. The opposition People’s Party and its pro-democracy allies have been campaigning for the rewriting of a new charter, aiming for drastic reforms.

The conservative camp and its political parties, meanwhile, prefer the least amount of amendments to the charter, opposing a full rewrite.

Another challenge now is providing voters with access to fair and balanced information, rather than propaganda from political camps. With the ongoing border conflict and surge of jingoism, it remains a big question whether voters can obtain sensible and quality information.

How will the government provide an honest view on the pros and cons of both MoUs without fearing backlash? How can voters digest the complex situation and make informed decisions?

The referendum has been enshrined as the mantra of a direct democracy. Mr Anutin said his decision to run the referendum is a form of “showing respect to public opinion”.

No matter how inspiring this sounds, the reality is that the referendum will only be successful if voters are well-informed on the matters at hand. The onus now falls on MPs and the Election Commission to run a campaign that communicates to voters and educates them.

Newly appointed Public Health Minister Pattana Promphat has pledged to improve dialysis services for more than 100,000 patients nationwide within the next two months.

The move comes in response to Prime Minister Anutin Charnvirakul’s directive to ensure such treatment is provided free of charge under the “Kidney Dialysis Treatment Everywhere with One ID Card” scheme.

The announcement was made on Wednesday after Mr Anutin raised concerns over widespread complaints from patients who reported being charged extra fees for dialysis, despite their entitlement to free treatment under the universal healthcare programme, also known as the 30-baht scheme.

Mr Anutin tasked the new minister with resolving the issue within two months.

In response, Mr Pattana said the ministry is preparing immediate measures to ease the burden on patients, including exploring the possibility of providing travel allowances for those who must regularly commute to treatment centres.

“The real solution lies not only in dialysis but in organ transplantation, which is the ultimate treatment for kidney disease. The ministry will also work to expand transplant services for the greatest benefit of patients,” he said.

Jadej Thammatacharee, secretary-general of the National Health Security Office (NHSO), expressed confidence that the upgraded services would be in place within two months.

He said patients would no longer incur additional costs, adding that a multidisciplinary team would be established to more effectively assess and prioritise cases.

Not all patients require dialysis, yet some are advised by their doctors to begin treatment earlier than needed, he noted. To address this, the NHSO is considering offering second medical opinions to prevent unnecessary treatments and ensure more efficient use of the budget.

Currently, the NHSO has allocated 16 billion baht for dialysis services, with an estimated increase of more than 3 billion baht required next year. Dr Jadej suggested that “unnecessary cases” may be contributing to the rising costs.

He also acknowledged that while the “Dialysis Everywhere with One ID Card” policy is highly ambitious, further discussions are needed to ensure its successful implementation.

Newly appointed Public Health Minister Pattana Promphat has pledged to improve dialysis services for more than 100,000 patients nationwide within the next two months.

The move comes in response to Prime Minister Anutin Charnvirakul’s directive to ensure such treatment is provided free of charge under the “Kidney Dialysis Treatment Everywhere with One ID Card” scheme.

The announcement was made on Wednesday after Mr Anutin raised concerns over widespread complaints from patients who reported being charged extra fees for dialysis, despite their entitlement to free treatment under the universal healthcare programme, also known as the 30-baht scheme.

Mr Anutin tasked the new minister with resolving the issue within two months.

In response, Mr Pattana said the ministry is preparing immediate measures to ease the burden on patients, including exploring the possibility of providing travel allowances for those who must regularly commute to treatment centres.

“The real solution lies not only in dialysis but in organ transplantation, which is the ultimate treatment for kidney disease. The ministry will also work to expand transplant services for the greatest benefit of patients,” he said.

Jadej Thammatacharee, secretary-general of the National Health Security Office (NHSO), expressed confidence that the upgraded services would be in place within two months.

He said patients would no longer incur additional costs, adding that a multidisciplinary team would be established to more effectively assess and prioritise cases.

Not all patients require dialysis, yet some are advised by their doctors to begin treatment earlier than needed, he noted. To address this, the NHSO is considering offering second medical opinions to prevent unnecessary treatments and ensure more efficient use of the budget.

Currently, the NHSO has allocated 16 billion baht for dialysis services, with an estimated increase of more than 3 billion baht required next year. Dr Jadej suggested that “unnecessary cases” may be contributing to the rising costs.

He also acknowledged that while the “Dialysis Everywhere with One ID Card” policy is highly ambitious, further discussions are needed to ensure its successful implementation.