Precious yellow metal price jumps up to K1.94 mln per tical

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The price of precious yellow metal surges again up to K1,934,000 per tical (0.578 ounce), according to the Yangon Region Gold Entrepreneurs Association (YGEA).
Following a rise in the global gold market, the domestic gold price hit on an upward trend. Currently, the global gold price is ranging between US$1917 and $1914 per ounce.
Besides, the dollar exchange rate against the Myanmar kyat currently stood around K1,990 per dollar.
“Following the Kyat depreciation against the US dollar and rise in the global gold market, the gold prices in the domestic market remains mounting,” said YGEA Chair U Myo Myint.
In the next coming period, the domestic gold price isn’t likely to fall. The gold price in the domestic market will decrease only if Kyat strengthens against the US dollar in the local forex market and the global gold price slides, he added.
The domestic gold price is positively related to the global gold price and the local currency value.
The pure gold price was up to K2,220,000 per tical in September in the domestic market, while the US dollar exchange rate touches a high of above US$3,000 per dollar.
Under the guidance of the Central Committee on Ensuring Smooth Flow of Trade and Goods, the Monitoring and Steering Committee on Gold and Currency Market was formed on 17 December 2021 as gold and currency market stability play a crucial role in trade facilitation.
The objectives of the committee are inspecting and prosecuting market manipulation, checking if there is compliance to payment rules or not, proceeding against those unscrupulous traders who intend to interfere with the free and fair operation of the market under the existing laws, by-laws and regulations in line with the official directives, illegal procurement of foreign currency, illegal trade and taking legal actions against price manipulators.
Besides, the officials concerned will crack down on those people involved in charging a percentage for money withdrawals at banks as shadow money.
In January 2021, the gold price was ranged between the minimum of K1,821,500 per tical (6 January) and the maximum of K1,885,000 per tical (25 January). — NN/GNLM

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