Domestic gold price rises to K1,336,000 per tical on global cues

Following a robust global market trend, the domestic gold price has risen to K1,336,000 per tical (0.578 ounces, or 0.016 kilograms) in early 2021 according to the gold traders. The gold price rallied to US$1,944 per ounce on 6 January 2021, whereas it stood at $1,893 per ounce on 31 December 2020, with a rise of $50 within one week. In Dec-end, yellow metal fetched K1,325,000 per tical in the domestic market. Then, the price showed uptick this year, with K1,336,000 per tical on 6 January 2021.
“Nevertheless, local market relying on international gold prices did not shake up as it is supposed to be, due to the shortage of raw material,” said Chair U Myo Myint of Yangon Region Gold Entrepreneurs Association (YGEA). At present, the old gold scrap and jewellery are refined into the pure gold bar. The raw material has not come from gold mining as the transportation restriction halted gold mining, the YGEA stated.
The gold market has become sluggish as the pandemic shut down the events like wedding and traditional festivals, gold traders pointed out.
The daily transaction of 50 visses (a viss equals to 1.6kg) of gold was earlier seen. Now, about 5-10 viss are rarely traded per day, according to YGEA.
According to gold traders, the domestic gold was priced with the minimum rate of K1,216,500 (1 July) and the maximum rate of K1,296,500 (27 July). The price moved in the range of, K1,286,500 on 13 August and K1,332,500 on 7 August. 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 K1,312,000 (16 November) and the lowest of K1,278,000 (28 November). In December, the pure yellow metal priced moved in the range of K1,275,000 (1 December) and K1,333,000 (28 December).— GNLM (Translated by Ei Myat Mon)

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