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Central Restaurants Group Co., Ltd. (CRG) is strengthening its position in the Japanese dining market with a bold rebranding of Ootoya, elevating the brand into the premium segment. The new flagship store, OOTOYA TOKUSEN, now open on the 6th floor of CentralWorld, caters to health-conscious, premium customers while redefining the authentic Japanese dining experience in Thailand.

Thirawat Loetthiraphan, Head of Asian Cuisine, Central Restaurants Group Co., Ltd. (CRG), said: ‘The launch of OOTOYA TOKUSEN marks a significant milestone in Ootoya’s transformation and paves the way for full-scale growth in the premium dining segment. Thailand’s Japanese restaurant market continues to show strong potential, particularly among younger consumers who value both quality and worth. This rebranding enhances the overall dining experience and strengthens Ootoya’s position as a premium, health-focused Japanese restaurant while staying true to its authentic roots. The new menu highlights authentic Japanese dishes crafted with carefully selected ingredients, ensuring freshness and quality in every dish. Complementing the cuisine is a contemporary restaurant design that embodies the new era of Ootoya.’

The concept of ‘OOTOYA TOKUSEN’ draws inspiration from the Japanese characters ? (Toku), meaning ‘special,’ and ? (Sen), meaning ‘selected.’ Together, they reflect Ootoya’s commitment to curating the finest ingredients for a truly distinctive dining experience.

The highlight of the launch is the Premium Set Menu, introducing eight new dishes thoughtfully crafted with health and balance in mind-from appetisers to desserts. Each set offers both variety and nutrition while preserving authentic Japanese flavours. Staying true to Ootoya’s tradition, every meal includes unlimited rice and complimentary hot or cold green tea, reaffirming the brand’s hallmark hospitality.

OOTOYA TOKUSEN Menu Highlights

Charcoal-Grilled Shima Hokke Tokusen Set (THB 679) – Premium deep-sea Shima Hokke, charcoal-grilled to perfection for a rich, smoky aroma, served with Hijiki seaweed rice for a wholesome balance of flavours.

Charcoal-Grilled Salmon Ochazuke Tokusen Set (THB 499) – A comforting, nutritious Ochazuke dish featuring tender salmon over rice, paired with savoury dashi soup.

Negi Toro Hamburg Donburi Tokusen Set (THB 599) – A flavourful Negitoro-style hamburger topped with a rich pickled egg yolk sauce for perfect harmony of taste and texture.

Hida Wagyu A5 Sukiyaki Tokusen Set (THB 759) – Premium Japanese A5 Wagyu beef, freshly prepared on a traditional Hida grill, served with side dishes and premium sashimi for an indulgent dining experience.

Thailand’s Japanese restaurant market continues to expand steadily, with forecasts indicating over 3% year-on-year growth by 2025. In response to rising competition in the full-service dining sector, Ootoya is accelerating the rollout of the OOTOYA TOKUSEN format. The first flagship branches-at CentralWorld and Central Pinklao-are strategically positioned in prime destinations to serve premium customers seeking a new benchmark in Japanese dining.

The launch of OOTOYA TOKUSEN marks a pivotal step in elevating Ootoya’s brand image and redefining its customer experience. By blending authenticity, health-conscious menus, and a contemporary premium concept, Ootoya reinforces its position as a trusted and distinctive Japanese restaurant brand poised for growth in Thailand’s evolving premium dining market.

The next phase of the government’s popular economic stimulus programme, “Khon La Khrueng Plus” — which is slated to be launched at the end of the month — has drawn mixed reactions across the country.

The Khon La Khrueng Plus offers an estimated 33 million beneficiaries between 2,000 and 2,400 baht per person, with usage capped at 200 baht per day over a period of up to two months.

The government believes the scheme will inject much-needed funds into the economy by spurring consumption at the grassroots level.

While the initiative has been generally praised by the public, enthusiasm for the next phase of the programme has been significantly tempered by concerns over taxation and the system’s ability to offer timely payouts for workers in the public transport sector, which has just been included in the initiative.

For some merchants, the scheme presents a genuine dilemma, pitting short-term gain against long-term risk.

Merchants fear taxes

In Khon Kaen, many small-scale food vendors readily acknowledge the programme’s benefits.

Anan Thongmaen, a 26-year-old soymilk stall owner, said he was keen to join the programme, calling the scheme an excellent economic boost.

Similarly, Sirimat Sirimuangrat, a grocery stall owner, praised its ability to increase sales and attract new customers.

However, she said that many merchants fear being hit by unexpected tax bills on sales made through the scheme.

“In the previous round, there was an issue regarding retrospective tax collection, even though the condition for collecting tax was not stipulated initially,” she said.

“If the government can assure us that there will be no taxes [on goods sold through the scheme], more merchants would definitely be interested.”

The fear of getting hit by unexpected taxes has caused many small merchants to think twice about signing up for the programme.

Among them is Duangporn Thoranong, a 59-year-old food stall owner who said she was hesitant to join this round because many merchants had complained about excessive taxes in the first phase of the scheme.

Since her shop operates on thin margins, she said, the prospect of an unexpected tax bill is too great a risk.

She implored the government not to mislead merchants and to implement the programme without complex conditions, underscoring the severity of their economic struggle.

“Merchants are struggling to survive,” she said.

For some, a lifeline

Meanwhile, a grocer in Phatthalung told the Bangkok Post that the co-payment stimulus is perfectly timed, as over 90% of rubber tappers in the South lose their primary income during the rainy season.

The subsidy immediately translates into stability for families. Rohah Chitnaree, a dessert vendor, said the measure will allow her and other welfare cardholders to purchase essentials that can sustain a small household for the entire month.

The anticipated injection of cash is already affecting local supply chains, with rice agents reportedly stocking up “large lots of rice, worth millions of baht, to meet this demand”, she said.

Korn Suriyapan, President of the SME Federation for the Southern Border Provinces, called the programme “a necessary mechanism” to drive the economy, arguing that in the face of weak purchasing power and stagnant private investment, the government must serve as the primary driving force.

However, Assistant Professor Wiwat Jankingthong from Hatyai University’s Business Innovation Research Centre said while direct stimulus certainly can help grassroots economies, consumers would appreciate debt relief, new measures to bring down high energy costs, and fresh efforts to boost domestic tourism.

Drivers voice concern

The latest iteration of the Khon La Khrueng Plus scheme includes public transport for the first time — a move that brings millions of daily commuters into the fold but exposes serious logistical flaws for service providers.

In Nakhon Ratchasima, Surachat Dechanuphanon, a motorbike taxi driver, described the scheme as a “double-edged sword”. While he expects customer numbers to rise, he shares the tax concerns voiced by small merchants.

He also highlighted the digital divide, noting that older drivers who are not familiar with the applications needed to access the programme will inevitably struggle to join the scheme.

The most significant pain point for drivers is cash flow. Pitak Foithongpromrat, a tuk-tuk driver, articulated the challenge facing transport workers.

“If a customer uses the Khon La Khrueng privilege to pay for the service, it’s even worse, because I only get half the money from the customer immediately. The other half must be claimed from the bank, and I don’t know how many days it will take for the money to be credited,” he said.

“If I have to wait, I won’t have the money to fill up my fuel tank. Everything will be disrupted,” he said.

Not all opinions were negative, however. Boonyang Sirisuk, another motorbike taxi driver, found the digital payment process convenient, noting that scanning to pay is easier than dealing with cash change for cheap fares.

Another driver, Somchai Chanthakoot, said he thought the programme would lead to increased income.

Thais have several ways of adding flavour to dishes. Even simple dishes like kai jiao (omelette) and kai dow (fried egg) can be seasoned with condiments like ketchup, chilli sauce, soy or fish sauce.

Organised by the Creative Economy Agency (CEA), the exhibition “Thai Local Sauce: Aroi Ho, Aroi Yo (Delicious And Drizzled)” revealed that Thai sauces are one of the most popular export products.

The top five countries that imported Thai sauces in 2024 were the US (4.7 billion baht), Australia (2.7 billion baht), Japan (2.6 billion baht), the Philippines (2.4 billion baht) and the Netherlands (2.3 billion baht). Among several kinds of sauces, the three most popular were chilli sauce (7.1 billion baht), fish sauce (2.9 billion baht) and soy sauce (2 billion baht).

Monnapa Panichkriangkrai, exhibition curator and senior knowledge management officer at CEA, explained that Thai sauces are popular export products because they are the most convenient way to bring out the taste of Thai cuisine.

“Thai Local Sauce: Aroi Ho, Aroi Yo” informs visitors that Thai sauces are not only condiments in a kitchen. Their sale can drive growth of Thailand’s creative economy which includes food, tourism and design industries. The exhibition is divided into three main sections — Saucetalgia; Sauce, Source: Born Of Plenty, Made To Season; Sauce Power; and an other special section called Cooked To Order Food.

Saucetalgia refers to sauces that remind people of childhood comfort food. The props in this section replicate a kitchen and a video on the “kitchen counter” displays how a mother or a grandmother cooks her signature dish for their loved ones.

“The kitchen prop gives the vibe of inviting friends to our home. It is a section dedicated to the nostalgia of childhood comfort food since it is where people’s culinary tastes develop. People in the video are not chefs but mothers or grandmothers of the exhibition staff, so visitors can see home cooking,” explained Monnapa.

“An audio in the background provides information about the sauces for their recipes. This was inspired from those times we call our mother to ask what she puts in her cooking that makes it so delicious, because we want to eat it again.”

Sauce, Source: Born Of Plenty, Made To Season provides a history of sauces and showcases 60 local products. For this section, the research team visited communities to learn about their sauces, including fish sauce, fermented fish sauce, vinegar, Siracha chilli sauce, dark soy sauce, sweet soy sauce and nam pu (made from rich black rice crab).

“Each sauce has a unique flavour and texture. Some people may assume that soy sauce tastes salty, but our team discovered that it is not. The 60 local sauces which were selected for display at the exhibition are brands available to the public,” explained Monnapa.

“In Thailand, two main ingredients used in making seasoning sauces are fish and soy bean. Different processes will lead to different sauces. For example, fish entrails are mixed with salt and fermented for one month to become tai pla. When fish is mixed with salt and fermented for over one year to one and half year, it becomes budu sauce. After mixing fish with salt for a year and filtering out the meat, the result is pure fish sauce.”

After working on the exhibition, Monnapa discovered there are many sauces in Thailand she was not familiar with.

“Most people are familiar with light soy sauce and dark soy sauce. In Thailand, there is red soy sauce which is local to Phetchaburi. Despite its name, its colour is not red, but more of a reddish brown colour, and it is commonly added to noodles. This red soy sauce portrays differences in culinary traditions across regions. In Nakhon Sawan, people eat khao moo daeng [rice topped with red pork] with local chilli paste while in Phetchaburi, people like to add their local chilli sauce to noodle,” Monnapa explained.

“These seasonings were initially made based on seasons. Pla ra, fermented fish sauce, was originally made in Isan during summer when water sources began to dry up. As fish became scarce, fermenting them helped to preserve food. The rainy season is the season for making nam pak sathorn in the North. Since I am a Bangkokian, I had never heard of nam pak sathorn. It is not just vegetable juice but like another ingredient that can be added to any dish to make it taste good.”

There is also a replica refrigerator that displays sauces labelled as “the legendary flavour”. Monnapa explained that local seasoning brands in the refrigerator are reaching the end, because there is no successor to continue their production.

“Since the clock is ticking, we would like to introduce these unique brands through the exhibition and hope that people will support them.”

The third section, Sauce Power, displays a map of Thailand that marks where each sauce is available. When visitors scan the QR code on the board, they will be taken to Google Maps which helps them find sauces.

In addition to the food industry, seasoning sauces can drive Thailand’s creative economy which includes gastronomy tourism and packaging design industries. The exhibition tells the stories behind logos and names of some brands. Some brands focus on logos that bring luck, such as a dragonfly which refers to abundance, and a chubby baby which refers to being healthy and well-fed. Many brands are also named after their owners, such as Mae Boonlam and Na Naun.

After learning about local brands, visitors have the opportunity to purchase products and try unique ice cream flavours inspired by sauces in the special section, which is located in the “Neighbourmart” store.

If visitors are not sure what kind of condiments they should purchase, they can take a personality test called MBTI: My Bottle Type Is to find a compatible product. For example, a question might ask what food gives you a real energy boost? Choices for your answer include a comfort dish from your childhood or something new and exciting.

Produced by Baan Pat and Jeannie, the ice creams are available in four flavours — dark caramel soy sauce with almond praline; Chinese cheese with marmalade; nipa palm vinegar sorbet; and brown butter banana fish sauce. Ice creams are usually sweet, but these flavours are salty, except for the vinegar sorbet.

Although the exhibition aims to promote sauces, Monnapa insists that the CEA does not intend to encourage people to consume more salty products.

“This exhibition does not encourage visitors to consume salty food or a lot of sauces. In addition to the exhibition on the 1st floor, there is an extended exhibition on the 5th floor which showcases ready-to-use sauces and healthy options for children and patients with kidney disease. Consumers can choose what is right for them.”

The World Exposition in Osaka came to a close on Monday after a six-month run that drew more than 25 million visitors through exhibitions showcasing advanced technologies and diverse cultures, with organisers calling the event a success despite some operational challenges.

At the closing ceremony for the event held under the theme “Designing Future Society for Our Lives,” a declaration for the Expo stated that it had “reaffirmed the pertinence of the Expo as a global public good that brings about mutual understanding and dialogue and serve as a catalyst for change.”

The Expo, held on the artificial island of Yumeshima, was participated by 158 countries and regions. The flag of the Bureau International des Expositions, a Paris-based body that oversees world Expos, was handed to Saudi Arabia, the 2030 host.

“By uniting our hearts, we were able to create a wonderful Exposition that brought satisfaction to many people,” Japanese Prime Minister Shigeru Ishiba said at the closing ceremony, emphasising the importance of “solidarity rather than division” and “tolerance rather than confrontation.”

Crown Prince Fumihito, who also attended the ceremony, said, “It was meaningful to have had the opportunity to think about solutions to the common challenges facing humanity together.”

As of Sunday, the total number of general visitors reached a preliminary 25.29 million, surpassing the 22.05 million recorded at the previous Japan-hosted Expo in 2005 in Aichi prefecture but falling short of organisers’ projected 28.20 million.

A total of 22.07 million tickets were sold and licensed merchandise, including plush toys of the official mascot Myaku-Myaku, generated about 80 billion yen (17 billion baht) in sales as of late August. The organisers expect an operating surplus of up to 28 billion yen.

But the Expo was not without hiccups. Its preparation was overshadowed by concerns over rising construction costs, delays in pavilion completion and low public support.

Ticket sales gradually picked up after the Expo opened in mid-April thanks to positive word of mouth. But long lines formed throughout the venue on a daily basis, including under the sweltering summer heat, despite what was aimed to become a “no-queue Expo” via an advance reservation system for entry and pavilion visits.

Some visitors with tickets were also unable to secure reservations for entry, forcing organisers to issue several hundred same-day replacement tickets daily to accommodate them.

Dismantling and removal of pavilions is scheduled to begin after next week, with the land to be returned to Osaka city by the end of February 2028.

However, there are concerns that an unresolved issue regarding unpaid fees to subcontractors involved in constructing some international pavilions could deter contractors from taking part in demolition work after the Expo closes.

The adoption of artificial intelligence (AI) by Thai enterprises remains at the early to mid-stage, attributed to limited AI talent, fragmented data, narrow governance frameworks, and an unclear return on investment (ROI), says tech firm Lenovo.

“Thailand is a strategically important market for Lenovo in Asia-Pacific with a fast-growing digital infrastructure, strong entrepreneurial ecosystem, and government support for the Industry 4.0 approach and AI adoption,” Sumir Bhatia, president for Asia-Pacific in the Infrastructure Solutions Group of Lenovo, told the Bangkok Post.

He said enterprise AI adoption in Southeast Asia is accelerating and Thailand is advancing steadily, behind some other markets in the region.

Lenovo’s CIO Playbook 2025 revealed 68% of organisations in Southeast Asia use hybrid or on-premise AI infrastructure, focusing on performance, security and compliance to enhance productivity and competitiveness.

Many enterprises are still exploring due to AI talent gaps, fragmented data, weak governance, and unclear ROI, all slowing large-scale AI rollout, noted the firm.

Despite these gaps, momentum is building. With sustained investment, supportive policies and enterprise commitment, Thailand is well-positioned to accelerate its AI journey, said Mr Bhatia.

Lenovo is promoting its “Smarter AI for All” vision in Thailand through purpose-built, AI-ready infrastructure that extends from the edge to the cloud, he said.

“Our hybrid AI approach combines more than 80 AI-enabled products across servers, storage and devices, giving businesses the flexibility, speed and security to unlock value from their data anywhere,” said Mr Bhatia.

Data, hybrid infrastructure and partnerships are essential for delivering secure, scalable and responsible AI, according to Lenovo.

Challenges ahead

Thailand faces challenges such as high adoption costs, limited technical expertise, energy efficiency concerns, and the need for clear ethical frameworks.

Lenovo delivers cost-effective consumption models, easy deployment and sustainable infrastructure that cuts costs while powering advanced AI workloads, he said.

“We see demand for AI-driven infrastructure remains robust in manufacturing, banking, retail and beyond,” said Mr Bhatia.

He said economic shifts and geopolitical tensions impact the tech sector, but Lenovo’s global footprint and more than 30 manufacturing sites across 11 markets give it agility to adapt and lead. The company continues to invest in R and D and drive growth in infrastructure solutions.

Coming of agentic AI

Agentic AI will transform enterprise IT from being a support system to a co-pilot, where AI reasons, plans and acts alongside humans, according to the firm.

Lenovo’s Future of Work surveys show while 79% of IT leaders believe AI will free employees for more impactful work, nearly 90% say today’s digital workplaces need an overhaul to realise this potential.

To bridge this gap, infrastructure must become AI-native, secure, scalable, and optimised for both real-time and proactive workloads across edge and cloud.

The company said Lenovo Hybrid AI Advantage solution enables enterprises to deploy agentic AI that delivers faster insights, automates tasks, and drives measurable outcomes in productivity and customer service.

“This helps businesses shift from AI experiments to delivering real enterprise value,” Mr Bhatia said.

According to Lenovo, governance is key to building ethical, secure and reliable AI.

Governance should not be an afterthought — enterprises need clear governance, risk and compliance (GRC) from the start to embed ethics and accountability into AI adoption, he said.

“Our CIO Playbook 2025 shows in Asean+, regulatory compliance jumped from the No.12 to the No.2 priority for AI strategies, highlighting its rising importance in Thailand and the region,” said Mr Bhatia.

Chief information officers (CIOs) now view strong governance as building trust and long-term resilience.

To scale AI responsibly, businesses need solid frameworks, transparency and a culture of accountability, he said.

“GRC isn’t just a checklist — it’s the foundation for trusted AI,” said Mr Bhatia.

Keys for CIOs

He said CIOs must invest in modern data platforms, ensuring accuracy, consistency, accessibility and embedded governance.

Equally vital is training teams in advanced analytics to turn data into actionable insights, said Mr Bhatia.

Moreover, CIOs must ensure data storage and processing can support rapid growth while addressing compliance and latency needs.

Re: “Thais still keen on Japan outbound jump of 8.2% this year”, (Business, Sept 19).

For over 30 years, Thai Airways provided very popular and well-supported non-stop flights linking New Zealand with Thailand. The daily flights ended with Covid. The pandemic is well over, but there is still no sign of a return to this non-stop connection.

As well as providing Thailand with an increased and diversified tourist flow, it would also directly reconnect New Zealand to the Land of Smiles. We encourage Thai Airways to bring us back together.

Kiwi Rob

A deadly folly

Re: “Narcotic nightmare”, (PostBag, Oct 10).

Regarding Thaksin Shinawatra’s apparently, and disturbingly, popular war on drugs, he should be imprisoned for the killings his drug policy resulted in. It is not obvious how any person of remotely good ethics could possibly applaud the killings that came with that effort to suppress the use of some drugs. The killing spree was unmitigated evil, for which those egging it on should also be called to account. To date, they have not received their just desserts.

As the regularly repeated statistics attest, the billions of baht, along with vast law enforcement resources devoted to suppressing particular drugs over the past five or more decades, rather than creating law that actually reduces drug harms to society, have been a consistent failure.

That useless squandering of scarce resources and manpower could more usefully have been focused on actually reducing harms, such as road deaths from drunk drivers and a father being forced to the appalling act of shooting his own son in self-defence.

As Einstein probably did not say, “The definition of insanity is doing the same thing over and over again and expecting a different result.” Perhaps it is time for drug policy to try a touch of sanity?

Felix Qui

Beyond CO2 fears

Re: “No CO2 miracle”, (PostBag, Oct 8).

Climate believers (and I use that term because “there is a climate crisis” is more a belief than a proven fact — except for those profiting from the energy transition) often claim that saying CO2 is plant food is a misleading oversimplification. But this is basic biology, known for generations.

Yes, carbon dioxide is plant food. It is essential for photosynthesis, the process through which plants produce their own food using sunlight, water, and nutrients. Increased CO2 can boost plant growth in many cases. In commercial greenhouses, CO2 levels have been elevated for decades to improve vegetable yields.

A peer-reviewed article published in the scientific journal Global Ecology and Conservation confirms that the phenomenon known as “global greening” is an indisputable fact.

The rate of global greening has even increased slightly in recent years. While drought has slowed greening in some regions, it has not caused a global “browning”.

Another scientific fact: Earth’s temperature is never constant. It has always risen and fallen over time — whether over centuries or millions of years. Data from Greenland ice cores show 10,000 years of temperature changes since the last ice age, with swings far greater than those seen in the past 150 years.

To believe that recent changes are mainly human-caused, one must assume that natural forces suddenly stopped working in the 20th century (see world temperature graph).

Thai gold traders are warning investors to shop wisely after bullion surged for the eighth consecutive week, buoyed by renewed fears of a US-China trade war, the ongoing US government shutdown and increased prospects of a Federal Reserve interest rate cut.

Gold prices moved past $4,100 an ounce to a fresh record high on Tuesday, bolstered by geopolitical and economic uncertainties, rate-cut expectations, strong central bank buying and robust exchange-traded fund (ETF) inflows.

The local price soared by 1,150 baht per baht-weight (15.2 grammes) in early morning trade on Tuesday. After nearly 30 price adjustments, gold bar was quoted at a record high of 64,200 baht, according to the Gold Traders Association, which described the rally as ‘a new all-time high almost every day’.

The online gold trader Intergold cautioned the rapid ascent could spark short-term profit-taking.

However, investor enthusiasm remains strong, underscoring gold’s role as a popular asset in times of political and market turbulence.

The company forecasts a short-term target of $4,200 per ounce and a long-term goal of $5,000, which could lift Thai gold to 70,000 baht by 2026.

Intergold suggests short-term traders gradually lock in profits, while long-term investors may accumulate on dips of $50-100 in the world price.

Safe-haven demand

The latest rally was triggered by renewed tension between Washington and Beijing after US President Donald Trump announced a 100% import tariff on Chinese goods, effective Nov 1, with a possible expansion to include ‘all critical software’.

The move was in retaliation for China’s export controls on rare earth minerals, which are vital for industries such as electric vehicles, defence and semiconductors, markets where China dominates roughly 70% of global supply.

Within hours of Trump’s announcement, US equities lost more than $2 trillion in market value, amplifying global risk aversion. China condemned the move as ‘deceptive and hypocritical’, arguing its measures were for national security, not economic leverage.

Analysts believe Beijing’s restrained reaction could suggest room for renewed dialogue, though investors remain cautious ahead of an expected Trump-Xi Jinping summit later this month.

Meanwhile, the US government shutdown has entered its third week, with no signs of progress in Congress.

Trump is using the impasse to push for deep budget cuts to Democrat-backed social programmes, further rattling market confidence.

The Office of Management and Budget said it has begun formal ‘Reduction in Force’ procedures, with potential layoffs across key federal agencies.

Investors are monitoring the debate over the Republican budget proposal to seek clarity on fiscal policy.

The market now expects a 99% chance of a 25-basis-point cut to the policy interest rate by the Fed in October, and a 94% likelihood of another 25bps cut in December. Non-yielding gold tends to do well during period of low interest rates.

The World Gold Council reported that gold ETFs attracted 619 tonnes of inflows during the first nine months of 2025, lifting total holdings to 3,838 tonnes, 2% below the record high set in 2020.

The rebound, following four years of outflows, signals a strong return of investor confidence.

Analysts expect ETF holdings to surpass 4,000 tonnes by year-end for the first time in history, reinforcing bullish momentum.

Momentum persists

The Bangkok-based gold trader Hua Seng Heng anticipates prices will continue rising, testing $4,160 an ounce before easing in later stages.

Support is estimated at $4,115 before returning to a new round of price increases, its researchers wrote.

‘If the price falls below $4,100, a short-term price consolidation could be expected,’ they said.

Michael Hartnett, chief investment strategist at BofA Merrill Lynch Global Research, foresees prices hitting $6,000 next year, according to Hua Seng Heng.

The outlook for gold remains decisively bullish, supported by macroeconomic uncertainty, geopolitical tension and persistent ETF inflows.

Yet investors should maintain discipline, manage risk carefully, and resist greed as even the brightest bull runs can invite sharp corrections, say analysts.

Authorities have started drafting a new version of the power development plan (PDP), focusing on the nation’s long-term power supply management amid a surge in solar power, says the Energy Policy and Planning Office (Eppo).

The issue is being discussed by energy officials who plan to introduce the PDP in 2026, said Wattanapong Kurovat, director-general of Eppo.

Thai power producers in the independent electricity supply category have increased, especially businesses developing solar power generation facilities for their own usage.

Solar power gained popularity as electricity bills soared and the prices of solar panels decline.

The proportion of solar power in the country’s total electricity supply sharply increased to more than 2 gigawatts last year, up from a few kilowatts from 2015-2018.

This makes it difficult for energy officials to calculate a steady supply of electricity via the grid when solar power generation capacity drops as sunlight vanishes on cloudy days, said Mr Wattanapong.

Thailand needs back-up power systems to support more uses of solar power, which is an intermittent source of energy, he said.

Another issue is solar power generation facilities coming to the end of their service in the future, which requires back-up electricity systems to be well-managed or else Thailand could face economic damage, said Mr Wattanapong.

Thailand wants to avoid the widespread blackouts that occurred in parts of Spain and Portugal earlier this year, believed to result from a failure to ensure a steady supply of electricity as Spain depends greatly on renewable energy sources.

Another issue for the draft is Thailand’s economic growth outlook, he said.

The National Economic and Social Development Board asked energy authorities to revise electricity demand forecasts due to modest economic growth projections. Electricity consumption has stagnated despite electric vehicle usage and investment in data centres.

In another development, the Energy Regulatory Commission (ERC) expects the power tariff, which is used to calculate electricity bills, to remain unchanged at 3.94 baht per kilowatt-hour during the first four months of next year. The prices of imported liquified natural gas, a key fuel for power generation in Thailand, should not significantly fluctuate despite greater gas demand in the winter, noted the ERC.

With developing countries facing intense financial pressure and developed countries slashing foreign aid, it can be tempting to dream of stumbling across a pot of gold. Dream no longer: The International Monetary Fund is currently sitting on 90.5 million ounces of the metal.

A relic of the gold standard, these holdings could be quickly turned into tangible funds. After hovering around US$2,000 (65,200 baht) per ounce for most of the last half-decade, the price of gold has now topped $4,000 per ounce. Even in real terms, this is a record high. But you wouldn’t know it from looking at the IMF’s balance sheet, which values its gold at just $50 per ounce, a price last seen in the 1970s.

In reality, the IMF’s gold reserves are worth over $350 billion — more than Chile’s GDP. Selling just 10% of these holdings would generate enough funds to offset this year’s foreign-aid cuts.

Such a move is not without precedent. The IMF has sold gold several times, most recently in 2009-10. The Fund used the proceeds from that sale to create an endowment account that complements IMF revenue and subsidises the Poverty Reduction and Growth Trust, its concessional lending arm for low-income countries.

The case for selling a small share of the IMF’s gold is even stronger today. The funds could help support cash-strapped developing countries, without requiring any donor contributions. And by placing them in an endowment account, the IMF could create a long-term, sustainable source of concessional financing for these countries. Perhaps most importantly, the Fund might never get a greater bang for the bullion.

The proceeds from a gold sale could be channelled into multiple existing trusts within the IMF. Perhaps the most promising candidate is the Catastrophe Containment and Relief Trust (CCRT), which covers repayments by vulnerable low-income countries of debt owed to the IMF in the aftermath of public health or natural disasters. Right now, just as these countries face large IMF repayments, the CCRT funds are nearly depleted, totalling around $115 million — barely enough to support one country in the wake of a crisis, let alone the dozens that could use it. With slight amendments to the CCRT’s eligibility criteria, the negative effects of aid cuts and trade adjustments on public-health financing could qualify as shocks meriting relief. This, coupled with a replenishment, would enable the CCRT to fulfil its potential.

Alternatively, these funds could be used to increase the concessionality of the IMF’s Poverty Reduction and Growth Trust, scaling up support for low-income countries.

But regardless of which trust is selected, placing the proceeds from a gold sale in an endowment account would maximise their impact by continuously generating returns to be distributed to the trust. As an added benefit to the United States, the endowment fund could include investments in US Treasury bills, boosting demand for them.

This use of gold is entirely consistent with the IMF’s mandate. The aid cuts to some developing countries amount to several percentage points of GDP. The consequent need to increase domestic spending on public health, education, and related sectors will further strain governments that were already grappling with high debt-servicing costs. Moreover, reductions in aid and shifts in global trade have balance-of-payments implications, particularly in sectors that rely on imported goods, such as HIV/Aids medications.

Selling some of the IMF’s gold also aligns with the stated desires of the US and other developed countries. Now confronted with high debt levels, challenging economic conditions, and the need to increase defence spending, these countries have stressed that the responsibility for funding global public goods must be more widely distributed, and that international institutions — including the IMF — should use their resources more efficiently. What is more inefficient than sitting on an idle pile of gold?

The unintended consequences that many fear, such as a slide in the price of gold, are unlikely to emerge. To avert this outcome in 2009-10, the IMF sold gold gradually, initially making off-market deals with central banks and coordinating with gold producers on market sales.

Nor would selling gold jeopardise the IMF’s financial stability. The Fund does not borrow on the market, so it does not need gold reserves to demonstrate its creditworthiness. Moreover, it has exceeded its precautionary balances target of around $35 billion, a figure that does not count its gold reserves. Lastly, the vast majority of the IMF’s gold would remain untouched. If anything, these sales would strengthen the Fund’s financial stability by improving developing countries’ ability to repay their debts.

It is hard to imagine a more cost-effective solution to widespread foreign-aid cuts than the IMF selling a small share of its gold at no risk to its financial health and at no cost to its donors. That would be true even if the price of gold had not reached new heights. The fact that it has means that finance ministers and central bankers should act with a sense of urgency when they gather at the annual meetings of the IMF and the World Bank this month. There might never be a better time to dip into the Fund’s pot of gold. ©2025 Project Syndicate

The war of words between controversial activist Guntouch “Gun Jompalang” Pongpaiboonwet and Senator Angkhana Neelapaijit reflects the flaws in the army’s handling of the simmering border conflict with Cambodia.

Mr Guntouch launched into a tirade against Ms Angkhana after the senator reprimanded the activist for playing “ghostly sounds” along the border with the intention of scaring Cambodian civilians in the area. The activist has been playing eerie sounds, as well as recordings of helicopter and jet engine noises, through speakers he took to Ban Nong Chan and Nong Ya Kaeo in Sa Kaeo since Friday.

The senator’s protest followed Phnom Penh’s decision to lodge a complaint with the Office of the United Nations High Commissioner for Human Rights (OHCHR) over the use of loudspeakers along the border, which it claims have affected many Cambodians living nearby, especially the sick, the elderly, children and people with disabilities. The complaint went as far as accusing Thailand of violating human rights principles by engaging in psychological torture.

To back up the complaint, the Cambodian government took Asean’s Interim Observer Team to several border communities in Banteay Meanchey province — right across the border from Sa Kaeo.

Mr Guntouch hit back at the senator, asking her why she, as well as other human rights activists, chose to remain silent when Cambodia sent pregnant women and children to the frontlines at the peak of the conflict.

“When we send a letter, they ignore it. But when we play sounds for two days, they panic. Sometimes, you have to shake things up,” he said.

Ban Nong Chan has been under martial law since Aug 28, as it was one of the flash points in the border dispute with Cambodia. The decision to impose martial law in the area was taken in response to reports which claimed Cambodia was mobilising its citizens to cause disturbances along the border in Sa Kaeo. As such, the government has full authority to restrict access to the area and ensure that all activities taking place in the village align with national security and peacekeeping goals.

Make no mistake, Mr Guntouch has a reason to get angry and question the sincerity of our neighbour. When the conflict erupted in July, Thais witnessed schools and hospitals along the border being hit by Cambodian artillery. Thai soldiers have been maimed by landmines, which are believed to have been planted by Cambodian soldiers.

That said, the army must ensure any campaigns in the area align with the country’s national security policies. Mr Guntouch’s campaign — no matter how patriotic it is — could cause a diplomatic backlash and spur hatred among civilians living along the border.

We must remember the ongoing conflict is between the two governments — not the people of the two countries.

The question now is, why did the army allow the activist to launch such a campaign in a conflict zone?

The army’s response was deeply worrying.

Army spokesman Maj Gen Winthai Suvaree said Thai civilians are simply voicing their discontent — non-violently — against the encroachment by Cambodia.

One must now ask, does this eye-for-an-eye approach align with Thailand’s pro-peace, diplomatic strategy?

Prime Minister Anutin Charnvirakul must urgently look into this complaint and ensure our armed forces use the martial law declaration to foster peace, not raise tensions, in conflict areas.