Local gold price likely to fall: traders

PhotoPhoe Khwar 18 copy
The price of gold in the domestic market is expected to remain low.  photo: phoe khwar

With gold prices registering a downward trend in the global market, the price of gold in the domestic market is expected to remain low, said U Ohn Myaing, the General Secretary of the Myanmar Gold Entrepreneurs Association.
“Currently, in the domestic market, gold is priced at K1,064,000 per tical (1 tical is about 0.578 ounces), which is relatively higher than the rate prevailing in the global market. The price in the domestic market is linked with the global market. Therefore, the domestic price is likely to fall,” said U Ohn Myaing.
“With global gold prices soaring, the domestic price had touched a high in mid-February, reaching above K1,080,000 per tical. Now, the price has slid to K1,064,000,” said gold traders.
At present, the domestic gold market is seeing regular trading, they added.
Gold price hit fresh peaks in the domestic market earlier this year on account of the upward trend in global gold rates. The domestic price was recorded at K1,050,000 for the period between 17-29 January, remained above K1,060,000 from 30 January to 7 February, above K1,070,000 from 8-18 February, and above K1,080,000 from 19-21 February.
In Q4 of 2018, domestic gold price reached a low of K969,000 on 1 October and a high of K1,040,000 on 31 October. It hit a low of K1,027,100 on 30 November and a high of K1,044,500 on 2 November. In the last month of 2018, the gold price touched a low of K987,000 on 4 December and a high of K1,043,000 on 29 December.
The gold price touched a low of K1,043,400 per tical and a high of K1,061,000 on 31 January.
The domestic gold price has remained above K900,000 since 21 July, 2017. With global gold prices increasing, domestic gold price touched a high of K1,047,700 on 20 September last year.

By Nyein Nyein (Translated by Ei Myat Mon)

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