Gold price ticks up tracking mild rebound in global gold price, dollar

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Jewellery is pictured at one gold outlet in Yangon.

The price of pure gold rebounded to K2.6 million per tical (0.578 ounce or 0.016 kilogramme) in domestic markets.
The yellow metal price sank below K2.4 million on 1 October, whereas the price edged up to K2.66 million on 4 October.
The mild rebound in gold spot prices in international markets and Kyat weakening against the US dollar are contributing factors to the gold price increase in domestic markets.
The gold price hit over US$1,660 per ounce on 1 October. The gold spot price stands at over $1,700 per ounce at present.
Similarly, the dollar was exchanged at around K2,700 in the unauthorized markets on 1 October. The exchange rate currently ascends to K2,900.
The soaring dollar exchanging at over K4,500 pushed up the pure gold price to a record-high of K3.7 million per tical in late August.
The Ministry of Natural Resources and Environmental Conservation is, therefore, selling the gold bars and coins in order for the gold price to ease.
Furthermore, the governor of the Central Bank of Myanmar (CBM) and officials of the Monitoring and Steering Committee on the Gold and Currency Market discussed matters regarding the stability of the gold and currency market and supporting plans of the banks for gold bar transactions to be made with banking system on 14 September in Nay Pyi Taw.
Then, on 30 September, seven private banks opened special counters at the designated 48 branches to offer banking services for gold transactions.
According to CBM’s directive 43/2021 dated 3 November 2021, lumpsum payments worth more than K20 million for buying or selling assets have to be processed with the banking system.
Seven private banks are providing banking services by opening special counters at their 48 branches in Yangon and Mandalay regions and Mon State (Mawlamyine) to facilitate gold transactions with the banking payment system.
Those banks are Kanbawza Bank (KBZ Bank), Co-operative Bank (CB Bank) PCL, Ayeyawady (AYA) Bank, Myanmar Apex Bank (MAB), UAB Bank, Yoma Bank, Ayeyawady Farmers Development Bank (A Bank). — NN/GNLM

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