Global gold fell 5.8% in late September 2026 to below US$4,200/oz, and Thai gold bars dropped 3,850 baht to under 66,000 baht per baht-weight. A weaker baht cushioned the local fall. KResearch says four factors will set the direction: Middle East tensions and energy prices, US bond yields, Fed signals, and US economic and inflation data. Its view is that any recovery may be limited and short-term volatility high. If your business holds gold for sale, buying stock, or jewellery pricing, reprice and time purchases with these drivers in mind rather than assuming a quick rebound.