Gold hit all-time high of above K2 mln per tical on 27 September

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Gold jewellery is pictured at one of the local gold outlets.

The price of precious yellow metal reached the highest of K2,000,000 per tical (0.578 ounce, or 0.016 kilogramme) in history on 27 September, Yangon Region Gold Entrepreneurs Association’s price data indicated.
As gold is still the best safe-haven asset in times of crisis, the gold bull market is predicted to continue in 2021, an investment observer shared his opinion.
The price of pure gold metal hit fresh new peaks and reached the highest of above K2,010,000 per tical on 27 September tracking the devaluation of Kyat in the forex market, which soared from K1,900,000 per tical recorded on 23 September. The figures show a gap of about K100,000 per tical within four days, as per the YGEA.
The global gold price stood at only US$1,750 per ounce on 27 September, while a US dollar exchange rate was worth above K2,200 in the black market.
On 11 September, the association made six decisions including control of the market rally, permits for the members to secure transportation to and from gold refineries and for holding a large amount of cash.
The political development, high demand in the domestic gold market, shortage of raw gold metals, the price gain in the international market and the Kyat depreciation are contributing factors to the spikes in the gold market.
As a result of this, YGEA urged its members to regulate trade in order to deal with market volatility.
The association has curbed the amount of gold that investors can trade. It permits only 10 ticals for daily trading.
In recent days, some received purchase orders without physical gold in the domestic gold market. To regulate unsustainable rally in the domestic gold market, the association called for the members to make a gold transaction with only immediate payment, avoid the verbal transactions over calls and halt trading outside the Yangon region, according to YGEA.
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 Jul) and K1,587,000 (K1,587,000). Last month, the price of gold reached the lowest of K1,572,800 (3 Aug) and the highest of K1,698,000 (31 August), the gold traders said.— GNLM

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