Pure gold price down by K50,000 per tical within 2 weeks

The prices of pure gold fall by K50,000 per tical (0.578 ounce, or 0.016 kilogramme) within the two weeks, according to Yangon Region Gold Entrepreneurs Association (YGEA).
The price of 24-carat gold stood at K2,024,000 per tical on 2 May, whereas it slightly falls to K1,976,500 per tical on 12 May.
The domestic gold prices plunged following the price slip in the global market.
The global gold price is valued at $1,854 per ounce at present, which fell from $1,888 per ounce.
The figures showed a slight decrease of $34 per ounce in the past two weeks. Consequently, the domestic gold price was also down by K47,500 per tical.
Moreover, YGEA also decided on 4 May to import raw gold from foreign countries in the coming rainy season not to fall short of raw metal supply.
Additionally, gold traders and retailers are urged to make gold transactions by adding up to K5,000 to the price set by YGEA.
In a bid to stabilize the gold market, gold transactions had better made according to the reference rate of the Central Bank of Myanmar (K1,850), according to the CBM’s statement released on 3 April.
YGEA called for an urgent meeting on 8 April. The meeting determined to carry out gold transactions depending on the CBM’s reference exchange rate. However, it has not come into force yet, said U Myo Myint, chair of YGEA.
The US dollar stands at around K2,000 in the unofficial black market.
Additionally, the domestic gold price is highly correlated with the global gold price, YGEA stated.
During the end of September 2021, a dollar value hits an all-time high of over K3,000 in the gold exchanges and consequently, the pure gold reached a record high of K2.22 million per tical in history. — NN/GNLM