Domestic gold prices likely to remain stable, say traders

Gold jewellery displayed at a shop in Yangon. Photo : Phoe Khwar
Gold jewellery displayed at a shop in Yangon. Photo : Phoe Khwar

Gold prices have stabilized in the domestic market, with one tical of gold (one tical equal to 16.329 gm) currently being sold for about K1.04 million, said U Ohn Myaing, General Secretary, Myanmar Gold Entrepreneurs Association.
“For the time being, the market is seeing regular gold trading. Domestic gold prices are likely to remain stable in the market as global gold rates and dollar exchange rates have
remained unchanged,” he added.
“Currently, the gold market is witnessing regular buying and selling.
Therefore, prices are expected to remain steady because of stability in world gold prices and the dollar exchange rate. The current prices are fair for both buyers and sellers,” said U Ohn Myaing.
“Local gold prices track global gold rates. Gold prices in the global market exceeded US$1,300 per ounce in the final week of last month.
The prices have decreased to $1,288 per ounce,” said gold traders.
U Ohn Myaing said there is little difference between domestic and global gold prices.
“Currently, domestic gold prices have reached K1.04 million per tical, while global gold prices are approximately K1.038 million per tical.Domestic gold prices have decreased due to decline in gold prices in the global market,” he said.
“In addition, gold prices are likely to see a downward trend if local demand declines,” said U Myo Myint, the chair of the Yangon Region Gold Entrepreneurs Association.
According to traders, domestic gold prices stood at K1.05 million per tical between 17 and 29 January, K1.06 million between 30 January and 7 February, and K1.07 million from 8-18 February. They reached a record high of K1.08 million per tical between 19 and 21 February. The market then saw a gradual decline in prices, with gold touching K1.04 million.
Gold prices stood at K1.043 million per tical on 1 January in the domestic market.
They reached K1.061 million on 31 January.
The prices rose to K1.087 million on 20 February from K1.058 million on 2
February.
Local gold prices reached K1.069 million on 21 March and then decreased to K1.048 million by the end of March.
(Translated by Khaing Thanda Lwin)

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