Domestic pure gold price rises to over K1.6 mln per tical

The price of domestic pure gold has risen to over K1.6 million per tical (0.578 ounces, or 0.016 kilograms), according to the Yangon Gold Entrepreneurs Association (YGEA).
Although the local prices for gold reached K1,574,500 per tical (roughly 16.33 grams) on 1 August, the price dramatically jumped to K1,626,000 per tical on 13 August. As a result, the price rose by over K5,000 per tical within a half month.
The domestic gold price has increased due to dollar appreciation. The current dollar exchange rate exceeded over K1,700 in the market, according to the foreign exchange counter.
The local gold market rose a new high of K1,709,000 per tical on 12 May, which hit the highest record in the domestic gold history.
In January 2021, domestic gold fetched the highest price of K1,336,000 per tical on 6 January. It reached the lowest price of K1,316,000 per tical on 28 January. It got the lowest level of K1,340,000 (2 February) and the highest level of K1,410,000 (3 February). In March, the rate fluctuated between the most elevated of K1,391,000 (25 March) the lowest of K1,302,000 (4 March). The lowest price was K1,389,000 (1 April) and the highest was K1,455,000 (30 April). The gold price touched the lowest level of K1,447,000 (3 May) and the highest level of K1,709,000 (12 May).
In June, the rate hit the lowest level of K 1,543,000 (19 June) and the highest level of K 1,575,500 (11 June). In July, it priced the lowest level of K 1,562,300 (26 July) and the highest level of K 1,587,000 (9 July), gold traders said.
The local gold price reached the lowest level of K 1,310,500 (2 September) and the highest level of K 1,314,000 (1 September). In October, the rate ranged between K 1,307,800 (30 October) and K 1,316,500 (21 October). The rate fluctuated between the highest of K 1,317,000 (9 November) and the lowest of K 1,270,000 (30 November). In December, the pure yellow metal priced moved in the range of K 1,280,000 (1 December) and K 1,332,000 (28 December).
With the global gold prices on the uptick, the domestic price hit fresh highs in 2019, reaching K 1,000,000 per tical between 17 January and 21 February, crossing K 1,100,000 (22 June to 5 August), climbing to K 1,200,000 (7 August-4 September), and then reaching a fresh peak of K 1,300,000 on 5 September, according to the gold traders.—NN/GNLM