Precious yellow metal price falls by K30,000 within one week

The price of precious yellow metal sank to below K1.785 million per tical (0.578 ounce, or 0.016 kilogram), indicating a significant drop of over K30,000 per tical within one week, according to Yangon Region Gold Entrepreneurs Association (YGEA).
Last 9 December, the price of pure gold was estimated at K1.817 million per tical.
Starting from October-end, the price has been quite stable. However, the rumour of the issuance of new currency notes (K20,000 and K50,000 notes) shook up the domestic gold market and the price soared to K1,817,000 per tical on 9 December.
“The news of the currency paper imported by air on 8 December was spreading, igniting the rumour of issuance of the new currency note. It hiked up the gold prices on 9 December. After the Central Bank of Myanmar dismissed the rumours of new currency notes, the gold price went down,” said U Myo Myint, chair of Yangon Region Gold Entrepreneurs Association.
People will be certainly notified when the CBM will print the new currency notes. At present, the CBM denied the rumours, according to its notification released on 9 December.
The exchange rate stands at K1,788 per US dollar in the local forex market at present.
Last 28 September, a dollar value hit an all-time high of over K3,000 in the black market and consequently, the pure gold reached a record high of K2.22 million per tical in history.
In January 2021, the gold price was ranged between the minimum of K1,316,000 per tical (28 Jan) and the maximum of K1,336,000 per tical (6 Jan). It reached an all-time high of K1,410,000 per tical on 3 Feb and hit the minimum of K1,340,000 per tical on 2 Feb. In March, the rate fluctuated between the highest of K1,391,000 (25 March) and the lowest of K1,302,000 (4 March). The price was registered the highest of K1,455,000 (30 April) and the lowest of K1,389,000 (1 April). The price reached an all-time highest of K1,709,000 (12 May) and the lowest of K1,447,000 in May. The price moved in the maximum of K1,575,500 (11 June) and the minimum of K1,543,000 (19 June). It fluctuated between K1,562,300 (26 July) and K1,587,000 (K1,587,000). The price of gold reached the lowest of K1,572,800 (3 August) and the highest of K1,698,000 (31 August). It was recorded the lowest of K1,703,500 (1 September) and edged up to K2,220,000 (28 September). The price was ranged between K1,768,500 (27 October) and K2,030,000 (1 October). Last month, it elevated to K1,810,000 (6 November) and plunged to K1,768,500 (24 November), the gold traders said. — NN/GNLM