The objectives of this study are: 1. To use correlation analysis to analyse the effects of the following factors on the ornament gold prices in the Bangkok market: 1.1 Average price of bullion gold in foreign markets. 1.2 Money supply. 1.3 Consumers price index in Bangkok. 1.4 Service charges. 1.5 Interest rates. 1.6 Crude oil prices. 1.7 Gold importation. 1.8 Money exchange rate.2.To use stepwise multiple regression to determine which factors significant affect the ornament gold prices in the Bangkok market.These factors will be determined by analysing data from following three situations: 1.Data for the years 1980-1991. 2.Data for the years 1980-1988 when gold import were prohibited. 3.Data for the years 1989-1991 when gold imports were allowed.1. Analysis of data for the years 1980-1991 The results indicated that the average price of bullion gold in foreign markets, money exchange rates, service charges, crude oil prices, and gold importation affected the ornament gold prices in the Bangkok market. The relationship among these factors can be expressed by the following multiple regression equation: = -2562.96787 + 1.29537x1 +0.68799x8 - 0.34245x4 -0.11125x6 + 0.55431x2 - 0.37348x7The coefficient of determination R2 is 0.89682 which implies that the factors affected the ornament gold prices in the Bangkok market by 89.682%2. Analysis of data for the years 1980-1988The results in this situation (the period during which gold importation was prohibited) indicated that the same factors as above affected the ornament gold prices in the Bangkok market. The multiple regression equation is: = -5383.10516 + 1.17727x1 +0.54998x3 +0.09351x4 + 0.21088x5 + 0.10559x6 + 0.14691x2The coefficient of determination R2 is 0.96278 which implies that the factors affected the ornament gold prices in the Bangkok market by 96.27%.3. Analysis of data for the years 1989-1991 During this three-year period, gold could be imported. The results indicated that the factors which affected the ornament gold prices were changed. The factors affecting gold prices during this period were the consumer price index in Bangkok, the average price of bullion gold in foreign markets and service charges. The multiple regression equation that express the relationship is: = 5900.09574 - 0.47275x3 + 0.43865x1 - 0.25047x4The coefficient of determination R2 is 0.94377 which implies that the factors affected the ornament gold prices in the Bangkok market by 94.377%.