Local gold prices remain high on strong global cues; cross K1.22 mln

A customer buying gold necklaces at a gold shop in Yangon. Photo: Phoe Khwar
A customer buying gold necklaces at a gold shop in Yangon. Photo: Phoe Khwar

With gold prices on the rise in the global market, the price of the yellow metal in the domestic market has climbed again to cross K1.22 million per tical (0.578 ounces, or 0.016 kilograms), according to gold traders.
On the afternoon of 31 January, pure gold fetched K1,222,500 per tical in the domestic market, while the price of gold was pegged at US$1,572 per ounce in the global market. On 30 January, the domestic gold price rose to K1,227,900 per tical, tracking an increase in global gold price to $1,578, as per market data.
“Gold price is likely to see an upward trend. At present, gold is enjoying a steady demand in the local market,” said a market observer. The domestic gold price is positively related to the global gold price, which is currently experiencing some volatility. Global gold prices were pegged at over $1,477 per ounce on 21 December and two weeks later, they climbed to $1,569 per ounce, and have remained high since.
Despite a strong global gold market, the US dollar is weakening against the local currency. The US dollar exchange rate stood at K1,505 on 21 December, and it has extended its drop to touch K1,463-1,467, according to the gold market.
With global gold prices on the uptick, the domestic price hit fresh highs in 2019, reaching K1,000,000 per tical between 17 January and 21 February, crossing K1,100,000 (22 June to 7 August), climbing to 1,200,000 (7 August-4 September), and then reaching a fresh peak of K1,300,000 on 5 September.
According to gold traders, the lowest recorded price for gold in June was K1,223,800 (14 September) and the highest was K1,307,000 (5 September). In October, the gold price touched the lowest level of K1,211,500 on 1 October and the highest level of K1,229,000 on 10 October. In November, the price moved in the range of 1,219,400 (2 November) and K1,173,000 (28 November), and the price reached the lowest level of K1,170,800 (3 December) and the highest level of K1,197,800 (28 December) in December, according to gold traders.—GNLM (Translated by Ei Myat Mon)

Share this post

Comments

Hot News
Hot News