Price of gold at record high

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Gold jewellry displayed at a shop in downtown Yangon.  Photo: Phoe Khwar

The price of gold has reached a record high of about Ks 996,500 per tical on 14 September, thanks to the rising US dollar exchange rate.
The global gold prices are US$1,206 per ounce at present time. The US dollar exchange rate started to increase from the second week of August and went over Ks1,500 per dollar. At the moment, one US dollar is Ks1,557 in the local currency exchange market.
Historically, this is the highest gold price and due to this, gold market is cool with not much buying or selling.
“The market is cool. Only a few people buy in the morning and try to sell it back in the evening. There are hardly anyone who are making finished products at the shops, said U Tin Tun, chairman of Mandalay Region Gold Entrepreneurs Association. Potential sellers are also watching the market, hoping for further increase in price. Sellers aren’t selling much, and buyers aren’t buying much said U Ohn Myaing, secretary of Myanmar Gold Entrepreneurs Association. An escalating trade war between the US and China resulted in dollar appreciation in international currency markets, including Myanmar.
Gold price reached a low of Ks 930,000 per tical this year, and it has been gradually increasing starting from August, reaching an all-time highest price this month.

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