Pure gold price rebounds to over K2.7 million

The price of pure gold shoots up to K2.7 million per tical (0.578 ounce or 0.016 kilogramme) again according to domestic gold markets.
The current market price of pure gold is K2,710,000 per tical in domestic markets.
Domestic gold prices are soaring due to a hike in global gold prices. The current gold price is US$1,770 per ounce in the global market. The reference price of the Yangon Region Gold Entrepreneurs Association (YGEA) consequently soared up to K2,085,000 per tical.
Meantime, the YGEA reference rate and the external market price of pure gold have a price gap of over K0.6 million per tical.
The reference rate of pure gold is calculated by slightly raising the fixed exchange rate (one dollar = K2,100) by the Central Bank of Myanmar. The current exchange rate in the market is around K3,000 per dollar.
Therefore, there is a large difference between the YGEA fixed price and the market price, depending on the exchange rate in the market.
Thus, the YGEA called for gold shops in Yangon Region to sell pure gold at K2,530,000 per tical, according to its notification released on 30 October 2022.
At the end of August, the currency exchange rate skyrocketed to over K4,500 per dollar and the pure gold price followed with a record price at over K3.7 million per tical. — NN/GNLM