Pure gold price gained to approximately K3.75 million per tical (0.578 ounce or 0.016 kilogramme) in the unauthorized market despite dip in spot gold price and reference price by the Yangon Gold Entrepreneurs Association.
The spot gold price stands at US$2,031 per ounce at present. The YGEA sets the reference price at K3.6514 million per tical. There is a price difference of K100,000 per tical between the YGEA’s price and the actual market value.
Earlier, the YGEA used the interbank transaction rate set by the CBM in calculating the reference price for pure gold, indicating a big gap of K400,000-K500,000 per tical. The greenback is valued at around K3,500 at the over-the-counter market.
On 5 December, the Central Bank of Myanmar (CBM) allowed authorized dealers (private banks) to operate forex exchange transactions freely as per the market rate determined by the supply and demand forces.
The Kyat-US dollar exchange rate is currently around K3,450.
When the Kyat depreciated at K4,000 against the greenback in the forex market, the gold price peaked at K4 million per tical in August 2023. — NN/EM
