Domestic gold price likely to remain high: YGEA reports

The price of precious pure yellow metal is expected to remain on the rise in the domestic market, said Chair U Myo Myint of the Yangon Region Gold Entrepreneurs Association (YGEA).
The domestic gold price stays in the bull market tracking the dollar gain and increasing the price in the international gold market. It touches a high of K1,581,000 per tical (0.578 ounces, or 0.016 kilogrammes) in mid-July.
The price is possible to continue rising as the global rally happens yearly in the coming months, U Myo Myint elaborated.
The global gold price stood at above US$1,800 per ounce, while the Central Bank of Myanmar set a US dollar exchange rate at an auction rate of K1,625-1,640, resulting in the gold price gain in the domestic market.
“The gold market sees global rally in September-December period due to the festivals. The price is, therefore, expected to remain the upward trend,” said U Myo Myint.
In January 2021, the gold price was ranged between the minimum of K1,316,000 per tical (28 January) and the maximum of K1,336,000 per tical (6 January). It reached an all-time high of K1,410,000 per tical on 3 February and hit the minimum of K1,340,000 per tical on 2 February. In March, the rate fluctuated between the highest of K1,391,000 (25 March) and the lowest of K1,302,000 (4 March). The price has registered the highest of K1,455,000 (30 April) and the lowest of K1,389,000 (1 April). The price reached an all-time highest of K1,709,000 (12 May) and the lowest of K1,447,000 in May. Last month, the price moved in the maximum of K1,575,500 (11 June) and the minimum of K1,543,000 (19 June), the gold traders said.
According to gold traders, the local gold 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 K1,317,000 (9 November) and the lowest of K1,270,000 (30 November). In December, the pure yellow metal priced moved in the range of 1,280,000 (1 December) and 1,332,000 (28 December).
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 1,200,000 (7 August-4 September), and then reaching a record high of K1,300,000 on 5 September 2019. — NN/GNLM