With volatile gold prices in the global market, the price of the yellow metal in the domestic market has been fluctuating on the high side, between K1,145,000 and K1,149,000 per tical (0.578 ounce or, 0.016 kilogram) from 19-23 July, according to the Yangon Gold Entrepreneurs Association.
On 19 July, the price of gold reached K1,149,000 when global gold prices surged to US$1,441 per ounce. Then, it slipped to around K1,144,500- K1,148,500 per tical on 20 and 22 July, before increasing to K1,1490,000 yesterday morning, and then falling to K1,144,500 as global markets fell to $1,417 per ounce.
There are more sellers in the market than buyers, according to the YGEA.
Gold is likely to continue strong gains in the global market, on the back of an escalating trade war between the US and China.
The domestic gold price is positively linked to global gold prices. With global gold prices climbing, the domestic price has hit new highs this year.
According to gold traders, 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 prices saw 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’s gold prices registered the lowest at K1,056,000 and the highest at K1,130,000. — GNLM
(Translated by Ei Myat Mon)