Domestic gold price up by K80,000 within three weeks

According to the domestic market, the price of precious pure gold metal increased by K80,000 per tical (0.578 ounces, or 0.016 kilograms) in the past three weeks.
The price stood at only K1,302,000 per tical on 4 March, and then, it tremendously soared to K1,385,000 per tical on 23 March, the gold traders said.
However, the rate has not reached the maximum of above K1,400,000 per tical registered in February.
The international gold price was pegged at around US$1,700-1,736 per ounce in March, despite a sharp rise in the domestic market. 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.
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 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 a record high of K1,300,000 on 5 September 2019. —NN/GNLM