Gold price rises above Ks1 million per tical in recent days

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

The domestic gold price climbed up above Ks1 million per tical (1.729 OZ) in recent days, which crashed the market, according to domestic gold market.
The domestic gold price reached a high of
above Ks1,008,300 per tical in mid-September, with the
US dollar gaining in local currency market. But when authorities questioned the unscrupulous who manipulated the currency exchange market, it led to the price fall in gold market. The gold price on 8 October was Ks997,500 per tical, and thereafter, it turned on an upward trend. It fetched Ks1,011,000 per tical on 10 October. The domestic gold price yesterday peaked to a new high of Ks1,027,000 per tical, according to Aung Thamardi gold and jewellery shop.
Meanwhile, global gold price was US$1,220 per ounce.
Since August, US dollar exchange rate has been above Ks1,500. Dollar exchange rate on 17 September increased up to Ks1,570-1,580. The US dollar exchange rate yesterday was Ks1,590-1,600, according to local currency market.
The US dollar appreciation against local currency is a contributing factor to a surge in domestic gold price, said gold entrepreneurs.
The escalating trade war between the US and China led to dollar appreciation in global market. Domestic gold price has been unusually increasing with the soaring US dollar exchange rate. — GNLM

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