Domestic gold price continues upward trend on firm global cues

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Gold necklaces and gold rings are displayed for sale at a gold shop. 
Photo: Phoe Khwar

With gold surging to US$1,424 per ounce in the global market, the price of the yellow metal in the domestic market touched a high of K1,120,500 per tical (0.578 ounce or, 0.016 kilograms) yesterday, according to the Yangon Gold Entrepreneurs Association.
On 2 June, the price of gold stood at K1,105,500 per tical. It climbed to K1,120,500 yesterday morning, spurred by gains in the global gold market.
Currently, there are more sellers in the market than buyers, according to the YGEA.
Gold is likely to remain strong in the global market due to an escalating trade war between the US and China.
The price of gold in the domestic market is positively linked to the global gold price. With the global gold price climbing up, the domestic price has hit fresh peaks this year.
According to gold traders, in the month of January, the domestic gold price reached its lowest level of K1,043,4000 on 1 January and the highest level of K1,061,000 on 31 January. It hit a low of K1,058,400 on 2 February and a high of K1,087,300 on 20 February. In March, the lowest price recorded was K1,048,600 (30 March) and the highest was K1,069,000 (21 March). In April, gold price touched a low of K1,037,200 on 24 April and a high of K1,054,700 on 11 April. The lowest price for gold in May was K1,035,200 (2 May) and the highest was K1,059,200 (14 May). Last month, gold price touched a low of K1,056,000 and a high of K1,130,000. — GNLM (Translated by Ei Myat Mon)

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