The local pure gold price, which hit a record high of Ks900,000 per tickle at the end of September, has scaled down to slightly over Ks850,000 per tickle on 10th October, it is learnt from the local gold market.
The domestic gold market has been unstable lately because gold buyers are mulling over the gold price before purchasing.
The record gold price in September resulted from the high exchange rate of the US dollar. Since then the price of gold price has declined in slightly.
The decline is attributed to the slight decrease in dollar price and the sharp plunge in the world gold’s price, said one goldsmith.
Worldwide, the gold price has taken a downward trend. The local gold price is likely to follow the same pattern, experts said.
The gold price needs to be stable so that the market can raise its head during the Thadingyut festival period.