Gold gets sheen back, domestic prices up on positive global cues

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

With gold surging to US$1,337 per ounce in the global market, the price of the yellow metal in the domestic market touched a high of K1,082,700 per tical (0.578 ounce or, 0.016 kilogram) on 17 June, according to the Yangon Gold Entrepreneurs Association.
Gold gained in the global market on the back of an escalating trade war between the US and China.
On 1 June, the price of gold stood at K1,048,000 per tical. Thereafter, the price has seen fluctuations, finally crossing K1,081,000 last Friday.
Domestic gold price is positively linked to global gold price. With global gold price climbing up, the domestic price has hit fresh peaks this year.
According to gold traders, in the month of January, the domestic gold price reached its lowest level of K1,043,4000 on 1 January and the highest level of K1,061,000 on 31 January. It hit a low of K1,058,400 on 2 February and a high of K1,087,300 on 20 February. In March, the lowest price recorded was K1,048,600 (30 March) and the highest was K1,069,000 (21 March). In April, gold price touched a low of K1,037,200 on 24 April and a high of K1,054,700 on 11 April. The lowest price for gold in May was K1,035,200 (2 May) and the highest was K1,059,200 (14 May). — GNLM
(Translated by Ei Myat Mon)

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