Domestic gold price falls by K60,000 amid global slide

With the gold price sliding in the global market, the price of the yellow metal in the domestic market dropped by about K60,000 per tical (0.578 ounces, or 0.016 kilogrammes) within two weeks, according to the local gold market.
Global gold price stood at $1,637 per ounce on 12 March while domestic gold price crossed K1,210,000 per tical. It fell to K1,151,500 per tical on 23 March when the price in the world market dipped to $1,486 per ounce, as per market data.
Within two weeks, the global gold price dropped by $151 and the local gold price plunged by K60,000 per tical.
With global gold prices on the uptick, the domestic prices hit fresh highs last year, reaching K1,000,000 per tical between 17 January and 21 February, crossing K1,100,000 (22 June to 5 August), climbing to 1,200,000 (7 August-4 September), and then reaching a recorded peak of K1,300,000 on 5 September.
According to gold traders, in the month of November in the current fiscal, the local gold price moved in the range of K1,219,400 (2 November) and K1,173,000 (28 November). It reached the lowest level of K1,170,800 (3 December) and the highest level of K1,197,800 (28 December). The lowest price was K1,191,600 (2 January) and the highest was K1,232,700 (8 January). The gold price touched the lowest level of K1,214,100 on 5 February and the highest level of K1,234,200 on 28 February, according to the gold traders.  (Translated by Ei Myat Mon)

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