Gold price bounces back after three weeks

May Thet Hnin

The high price of global gold prices have caused domestic gold prices to soar up.    Photo: Phoe Khwar
The high price of global gold prices have caused domestic gold prices to soar up.  Photo: Phoe Khwar

The price of domestic gold price has increased from Ks915,000 to Ks938,000 per tical (0.578 ounce) since the second week of December.
The increase in price has been attributed to the high price of gold in the global market. Transactions in the domestic gold market have been continuing regularly, said U Aye Cho, a public relations officer at the Yangon Region Gold Entrepreneurs Association.
The price gap between international and domestic gold prices remains some Ks10,000.
Since April, the gold market has witnessed fluctuations. The price of pure gold reached above Ks900,000 per tical in July. Gold price was on the rise in early September. In the middle of September, it reached an all-time high price of over Ks957,000 per tical, when the global gold price hit US$1,348 per ounce. Shortly thereafter, the price of gold began a downward trend.
The prevailing gold price in the domestic market has now reached the November 2017 price. Last year, the global political climate and high foreign exchange rate resulted in the fluctuation of global gold prices. The domestic gold price continues hovering on the high side, despite a slip in the market, said gold entrepreneurs.
Further, the number of gold transactions last year dropped by half, compared with the previous years, said U Ohn Myaing, secretary of Myanmar Gold Entrepreneurs Association.

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