Domestic gold price hits highest record of K1.7 mln in history, falls by K75,000 in a day

The price of the gold bar hit a new high of over K1.7 million per tical (16.4 gm), which hit the highest record in the domestic gold history. However, the price fell by K75,000 per tical in a single day, according to Yangon Gold Entrepreneurs Association (YGEA).
The domestic gold price was recorded at its highest rate of K1,709,000 per tical on 12 May. Then, the price dramatically dropped to K1,634,000 per tical on 14 May, a drop by over K75,000 per tical in only one day.
The domestic gold price has significantly dropped, with instability in the global gold price and the US dollar exchange rate, said U Myo Myint, the chair of YGEA.
The global gold price was recorded at US$1,834 per ounce on 12 May and it fell to $1,823 per ounce on 14 May, with a significant tumble of $11 in a day.
Meanwhile, the local dollar exchange rate was at K1,720 per dollar on 12 May but it plummeted to K1,675per dollar on 14 May, dropping by K45 per dollar a day.
In January 2021, the domestic gold fetched the highest price of K1,336,000 per tical on 6 January. It reached the lowest price of K 1,316,000 per tical on 28 January. In February, it got the lowest level of K1,340,000 (2 February) and the highest level of K1,410,000 (3 February). In March, the rate fluctuated between the most elevated of K1,391,000 (25 March) and the lowest of K 1,302,000 (4 March). In April, the rate touched the lowest level of K1,389,000 (1 April) and the highest level of K1,455,000 (30 April), the gold traders said.
The local gold price reached the lowest level of K1,310,500 (2 September) and the highest level of K1,314,000 (1 September). In October, the rate ranged between K1,307,800 (30 October) and K1,316,500 (21 October). The rate fluctuated between the highest of K1,312,000 (16 November) and the lowest of K1,278,000 (28 November). In December, the pure yellow metal priced moved in the range of K1,275,000 (1 December) and K1,333,000 (28 December), according to the gold traders.
With global gold prices on the uptick, the domestic price hit fresh highs in 2019, reaching K1,000,000 per tical between 17 January and 21 February, crossing K1,100,000 (22 June to 5 August), climbing to over K1,200,000 (7 August-4 September), and then reaching an all-time record high of K1,300,000 on 5 September in 2019. — NN/GNLM