Gold price soars to K1.246 mln on back of gains in global market

The price of gold in the domestic market has touched a high of K1.246 million per tical (0.578 ounce or, 0.016 kilogram) due to a price surge in the global market, according to traders.

DSC 5145 Gold jewelry seen at shop in downtown Yangon. Photo Phoe Khwar copy
Gold jewelry seen at shop in downtown Yangon. Photo : Phoe Khwar

On 25 September, gold opened at K1,246,000 per tical in the domestic market, according to the Yangon Gold Entrepreneurs Association. Gold is currently priced at US$1,528 per ounce in the global market.
Meanwhile, the Kyat exchange rate against the dollar has also weakened to K1,530, according to the local forex market.
The domestic gold price is positively linked to global gold prices. With global gold prices soaring, the price of gold in the local market has been on the rise. But, gold trading has cooled in the market, said gold traders.
With prices on the rise, the Myanmar Gold Entrepreneurs Association has warned members of legal action if any fraudulent case is detected against them. Traders have also been asked to clear payments at once, according to the association.
With global gold prices on the uptick, the domestic price has hit fresh highs this year, reaching K1,050,000 per tical between 17 and 29 January, crossing K1,060,000 (30 January-7 February), climbing to 1,070,000 (8 -18 February), and then K1,080,000 (19-21 February) to reach a fresh peak of K1,110,000 on 21 June. Thereafter, the price gradually increased, and hit a new record of K1,200,000 on 7 August.
According to gold traders, the lowest price for gold in May was K1,035,200 (2 May) and the highest was K1,059,200 (14 May). In June, gold prices touched the lowest level of K1,055,000 on 1 June and the highest level of K1,125,500 on 25 June.
The prices moved in the range of K1,099,000 (1 July) and 1,149,400 (31 July) in July. Last month, the prices ranged between K1,141,5000 and K1,263,000.—GNLM (Translated by Ei Myat Mon)

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