The spot gold price spiked at over US$2,042 per ounce on 29 November, driving the reference price set by the Yangon Region Gold Entrepreneurs Association (YGEA) up to over K3.2 million per tical (0.578 ounces, or 0.016 kilogram) accordingly.
Pure gold market value hit a high of K3.65 million per tical in the grey market. There is a large gap of over K400,000 per tical between the YGEA’s reference price and the unofficial market’s rate.
The YGEA switched to the Central Bank of Myanmar’s exchange rate (K2,100) for interbank transactions in calculating the reference price for pure gold. The US dollar is currently exchanged at approximately K3,400 in the grey market. The US dollar exchange rate weighs the gap between the domestic gold market value and YGEA’s reference gold price.
When the dollar exchange rate gained to K4,000, the gold price hit a record high of K4 million per tical in late August 2023. — NN/EM
Gold reference price set to soar at K3.2M per tical amidst spot gold price rally
- November 30, 2023
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