Domestic gold prices still on the rise

The domestic prices of the gold continue to rise, said U Myo Myint, the chairman of Yangon Region Gold Entrepreneurs Association (YRGEA).
People are collecting the gold bars currently because of the business being suspended as a result of the COVID-19 outbreak, he added.
“The prices of the local gold are sky high these days because of the pandemic that has started again worldwide. Thus, the countries around the world have imposed restrictions again, resulting in the businesses halting again. That is the reason why people are collecting the gold bar. The domestic gold market has connected with the global gold market. Therefore if the global gold price goes high, the domestic gold price will rise. Now, the domestic prices of the gold continue to rise as a result of the restart of the COVDI-19 outbreak,” said U Myo Myint.
The domestic gold price is around K100,000 less than that of the global gold price, according to the YRGEA.
“The domestic gold price is around K100,000 less than that of the global gold price. If the trading is permitted to make payments through telegraph transfer (TT), the gold trading could enter the international market. The trading will be faster and convenient if the Department of Mines under the Ministry of Natural Resources and Environmental Conservation will issue the sale licenses. Now, the domestic gold price is K100,000 less than that of the global gold price,” said U Myo Myint.
At present, the pure gold price is about K1,455,000 per tical (0.578 ounces, or 0.016 kilograms) on 1 May in the domestic market, while global gold price touches a high of above US$1,772 per ounce.
Further, the dollar versus kyat exchange rate was at K1,575 per dollar on 1 May.
Therefore, the global gold versus dollar exchange rate remains skyrocketing. The domestic gold price will be still as high as the worldwide gold price and dollar exchange rate, according to the YGEA. — NN/GNLM