With the price of the yellow metal strengthening in the global markets, domestic gold prices too have registered an increase to touch a record high of K1,059,000 per tical (0.578 ounce) on 28 January, said U Ohn Myaing, the general secretary of Myanmar Gold Entrepreneurs Association.
“As a consequence of the rising global gold price, the price of domestic gold has also increased. But we are lucky that the US dollar rate has remained cool in the local market, although the global gold price is on the rise. Otherwise, the price of domestic gold could have crossed K1,060,000 per tical,” said U Ohn Myaing.
The price of domestic gold has been gradually increasing in the local market since mid- December on the back of the positive trend in global gold prices.
The domestic gold price reached a record high of K1,050,000 per tical on 4 January, and touched another record of K1,059,000 per tical on 28 January, according to gold traders. “Now, the global gold price is skyrocketing. Currently, the gold price is set at over US$1,300 per ounce in the global market. The rise in domestic gold price is due to the increase in the global gold price. An increase of one dollar in the global gold price translates to an average increase of K180-200 in domestic prices,” said U Myo Myint, the Chairman of the Yangon Region Gold Entrepreneurs Association.
Moreover, there is a high demand for gold in the local market, he added. The price of domestic gold reached K1,040,000 per tical on 31 October from a low of K969,000 per tical on 1 October.
The price of local gold declined to K1,027,100 per tical on 30 November from K1,044,500 per tical on 2 November. The price of gold increased to K1,043,000 per tical on 29 December from Ks987,000 per tical on 4 December, according to a gold dealer.
Starting from 21 July, 2017, domestic gold price has remained above K900,000 per tical. With the rise in the global gold price, the domestic price also peaked at K1,047,700 million on 20 September, 2017, after touching a high of K989,000 in August the same year.
By Nyein Nyein (Translated by Hay Mar)