Gold continues upward trend on strong global cues

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

With the increase in global gold prices, the price of domestic gold also rose and reached a new record of over K1,077,000 per tical on 18 February.
“As a consequence of the rising global gold prices, the price of domestic gold has also increased,” said U Myo Myint, the chairman of Yangon Region’s Gold Entrepreneurs Association.
Currently, the domestic gold price has increased slightly, tracking the upward trend in global gold prices. The gold price has increased from about K1,050,000 per tical on 4 January, to K1,060,500 on 30 January, reaching K1,070,900 on 8 February. On 18 February, the price of domestic gold was K1,077,800 per tical, according to traders.
Global gold prices have been on the upswing daily since mid February, standing at $1,324 per ounce on 18 February, $1,321 per ounce on 16 February, $1,314 per ounce on 15 February, and $1,306 per ounce on 14 February.
Although the domestic gold price is on the rise due to the positive trend in the global gold market, the US dollar exchange rate has remained cool and on the lower side at K1,520 a dollar.
The price of domestic gold declined to K1,027,100 per tical on 30 November from K1,044,500 on 2 November. The price increased to K1,043,000 per tical on 29 December from K987,000 on 4 December. In 2019, the price of gold reached a record high of K1,061,000 per tical on 31 January from K1,043,400 on 1 January, according to a gold dealer.
Starting 21 July, 2017, the domestic gold price has remained above K900,000 per tical. Tracking the rise in global gold prices, the domestic price also peaked at K1,047,700 million on 20 September, 2017, after touching a high of K989,000 in August the same year.

By Nyein Nyein

(Translated by Hay Mar)

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