Domestic gold price remains in bull market on global cues

The price of precious yellow metal stays in the upward trend tracking the hikes in the international gold market and Kyat weakening against the US dollar, U Myo Myint, Chair of the Yangon Region Gold Entrepreneurs Association (YGEA).
“The domestic gold price is highly correlated with the international market. Additionally, Kyat is depreciating against the US dollar. We have a large supply of gold yet the market is quite sluggish. The gold price gained on account of global gold and Kyat devaluation on the US dollar,” he elaborated.
The global gold price stands at US$1,839 per ounce. The US dollar exchange rate is approximately K1,990 in the local forex market at present. Meanwhile, the pure gold fetches up to K1,884,000 per tical (0.578 ounce or 0.016 kilogramme).
The gold price rally is expected to continue in the coming months. Only if the global gold price slides and Kyat appreciates on the US dollar can the domestic gold price fall, U Myo Myint shared his opinion.
Last 28 September 2021, a dollar value hit an all-time high of over K3,000 in the black market and consequently, the pure gold reached a record high of K2.22 million per tical in history.
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 was 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. The price moved in the maximum of K1,575,500 (11 June) and the minimum of K1,543,000 (19 June). It fluctuated between K1,562,300 (26 July) and K1,587,000 (K1,587,000). The price of gold reached the lowest of K1,572,800 (3 August) and the highest of K1,698,000 (31 August). It was recorded the lowest of K1,703,500 (1 September) and edged up to K2,220,000 (28 September). The price was ranged between K1,768,500 (27 October) and K2,030,000 (1 October). It elevated to K1,810,000 (6 November) and plunged to K1,768,500 (24 November). It was traded between K1,768,500 (6 December) and K1,823,000 (29 December), the gold traders said. — NN/GNLM