Gold hit all-time high of K1.5 mln per tical on 7 May

The domestic gold price hit a record high of K1.5 million per tical (0.578 ounces, or 0.016 kilograms) in the bull market in the afternoon of 7 May.
With gold being 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.
Yangon Region Gold Entrepreneurs Association (YGEA) has called for the members to make a gold transaction with only immediate cash payment.
“This move would regulate unsustainable rally in the gold market calling for the members to run cash-only for gold transaction in the same regions and states in order to avoid the verbal transactions over calls,” YGEA Chair U Myo Myint said.
The price of precious pure gold metal remarkably soared to K1,444,000 per tical in the third week of April 2021, following the hike in international gold prices. It reached a new peak of K1.5 million on 7 May, tracking the positive global trends. The international gold prices topped US$1,820 per ounce on 7 May.
The price stood at only K1,302,000 per tical on 4 March, and it tremendously soared to K1,500,000 per tical on 7 May. The price increased by around K200,000 per tical in two months, according to the domestic market.
The gold price was ranged between K1,316,000 per tical at its minimum (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). Last month, the gold price moved to the highest of K1,470,000 (24 April) and the weakest of K1,388,500 (2 April), the gold traders said.
According to gold traders, the local gold reached the lowest level of 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 K1,317,000 (9 November) and the lowest of K1,270,000 (30 November). In December, the pure yellow metal priced moved in the range of 1,280,000 (1 December) and 1,332,000 (28 December).
With global gold prices on the uptick, the domestic price hit fresh highs last year, reaching K1,000,000 per tical between 17 January and 21 February and crossing K1,100,000 (22 June to 5 August). It climbed to over 1,200,000 between 7 August and 4 September, then reaching a high of K1,300,000 on 5 September 2019. — GNLM