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Gold metal rebounds to K1.7 mln per tical: YGEA states

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Photo shows beautiful designs of ornaments made of gold.

The price of precious pure yellow metal bounced back to K1.7 million per tical (0.578 ounces, or 0.016 kilogrammes) after three months, according to Yangon Region Gold Entrepreneurs Association (YGEA).
The pure gold fetched only K1,574,500 per tical on 1 August, while it gained K1,698,000 per tical on 17 August, showing an increase of K120,000 within three weeks. The price rise is attributed to the Kyat weakening against the US dollar.
The global gold price stood at around US$1,800 per ounce as per the money exchangers.
Last 12 May, the gold price hit an all-time high of K1,709,000 per tical in the history.
In January 2021, the gold price was ranged between the minimum of K1,316,000 per tical (28 Jan) and the maximum of K1,336,000 per tical (6 Jan). It reached an all-time high of K1,410,000 per tical on 3 Feb and hit the minimum of K1,340,000 per tical on 2 Feb. 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). Last month, it fluctuated between K1,562,300 (26 July) and K1,587,000 (9 July), the gold traders said.
They also noted that last year’s local gold reached the lowest level of K1,310,500 (2 Sept) and the highest level of K1,314,000 (1 Sept). In October, the rate ranged between K1,307,800 (30 Oct) and K1,316,500 (21 Oct). The rate fluctuated between the highest of K1,317,000 (9 Nov) and the lowest of K1,270,000 (30 Nov). In December, the pure yellow metal priced moved in the range of 1,280,000 (1 Dec) and 1,332,000 (28 Dec).
With global gold prices on the uptick, the domestic price hit fresh highs in 2019, reaching K1,000,000 per tical between 17 Jan and 21 Feb, crossing K1,100,000 (22 June to 5 Aug), climbing to over 1,200,000 (7 Aug-4 Sept), and then reaching a high of K1,300,000 on 5 September 2019.—NN/GNLM

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