The price of gold in the domestic market has touched K1.22 million per tical (0.578 ounces or, 0.016 kilograms), tracking global gold prices, which are currently pegged at US$1,492 per ounce, according to gold traders.
“In early September, the price of pure gold crossed K1.3 million per tical in the domestic market, and then, it plunged to K1,220,000 per tical on 29 October. Gold price is likely to maintain its fall,” said U Ohn Myaing, the general secretary of the Myanmar Gold Entrepreneurs Association (MGEA).
“The price is likely to fall further. It may hit a low of K1.2 million per tical,” said U Ohn Myaing.
The domestic gold price is positively related to the gold price in the global market, which is currently pegged at $1,492 per ounce, said gold traders.
The domestic gold price remained above K1.2 million per tical 7 August onwards, and thereafter, it kept rising and hit a record high of K1.3 million per tical on 5 September, said gold businessmen.
With global gold prices on the uptick, the domestic price hit fresh highs this year, reaching K1,000,000 per tical between 17 January and 21 February, crossing K1,100,000 (22 June to 7 August), climbing to 1,200,000 (7 August-4 September), and then reaching a fresh peak of K1,300,000 on 5 September.
According to gold traders, the lowest price for gold in June was K1,099,000 (1 May) and the highest was K1,149,400 (31 June). In August, gold prices touched the lowest level of K1,142,000 on 1 August and the highest level of K1,260,500 on 29 August. Last month, the prices moved in the range of K1,223,800 (14 September) and 1,307,000 (5 September).
By Nyein Nyein
\(Translated by Ei Myat Mon)