Domestic gold price holds above K1.3 mln tracking global cues

Myanmar gold price increases , tracking the global market. Photo: Phoe Khwar
Myanmar gold price increases , tracking the global market. Photo: Phoe Khwar

By Nyein Nyein

The domestic gold prices rose above K1.3 million per tical (0.578 ounces, or 0.016 kilograms) on the back of a record rise in international global market, according to Yangon Gold Entrepreneurs Association (YGEA).
On 1 July, a yellow metal was priced around K1,216,500 per tical. It gradually went higher and reached a high of K1,307,500 per tical on 4 August.
Meanwhile, gold price was pegged at US$1,780 per ounce on 1 July and hit an all-time high of above $1,973 per ounce on 4 August.
However, the local forex market sees a slight gain of Kyat against the US dollar, with K1,375 per dollar.
“At present, the domestic market is reported to have a matching of supply and demand”, said U Ohn Myaing, general secretary of Myanmar Gold Entrepreneurs Association.
According to gold traders, during the past four months, the coronavirus risks shut down the gold market in April, and the market was reopened on 18 May, with the minimum rate of K1,214,100 (27 May) and the maximum rate of K1,236,000 (18 May). The price moved in the range of, K1,209,600 on 6 June and K1,219,500 on 1 June. The local gold reached the lowest level of K1,216,500 (1 July) and the highest level of K1,296,500 (27 July).
With global gold prices on the uptick, the domestic price 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 over 1,200,000 (7 August-4 September), and then reaching an all-time record high of K1,300,000 on 5 September 2019. (Translated by Ei Myat Mon)

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