Gold bar price drops by over K10,000 per tical in one week

The gold bar price in Myanmar has declined by over K10,000 per tical within one week, according to Yangon Region Gold Entrepreneurs Association (YRGEA).
Although pure gold price reached the highest of over K1,800,000 per tical on 8 November, the price dropped to K1,798,000 per tical on 13 November.
The domestic gold price has fallen as a result of the weakened exchanger rate between the US dollar and Myanmar kyat in the domestic market.
Currently, the dollar exchange rate against the Kyat is valued at K1,786 per dollar.
Last 28 September the domestic gold price stood at only K2,220,000 per tical while a US dollar exchange rate mounted up to the highest of over K3,000 per dollar in the exchange 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. In March, the rate fluctuated between the highest of K1,391,000 (25 March) and the lowest of K1,302,000 (4 March). The price was registered the highest of K1,455,000 (30 April) and the lowest of K1,389,000 (1 April). The price reached an all-time highest of K1,709,000 (12 May) and the lowest of K1,447,000 in May. The price moved in the maximum of K1,575,500 (11 June) and the minimum of K1,543,000 (19 June). It fluctuated between K1,562,300 (26 July) and K1,587,000 (9 July). The price of gold reached the lowest of K1,572,800 (3 August) and the highest of K1,698,000 (31 August). The price of pure gold metal hit a fresh peak of K2,220,000 per tical (28 September) and it was priced the lowest of K1,703,500 per tical (1 September). Last month, the rate fluctuated between the highest of K2,030,000 (1 October) and the lowest of K1,750,000 (27 October). gold traders said.
The local gold price reached the lowest 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 price moved in the range of Ks 1,275,000 (1 December) and K1,333,000 (28 December).
With the global gold prices on the uptick, the domestic price hit fresh highs in 2019, reaching K1,000,000 per tical between 17 January and 21 February, crossing K1,100,000 (22 June to 5 August), climbing to K1,200,000 (7 August-4 September), and then reaching a fresh peak of K1,300,000 on 5 September, according to the gold traders. — NN/GNLM