Yangon gold market trades up to 50 visses of gold daily

Yangon gold market is trading up to 50 visses (a viss equals 1.6 kg) of gold daily, said Chair U Myo Myint of Yangon Region Gold Entrepreneurs Association (YGEA).
“The trade of gold in the market is back to normal. Now, about 50 visses of gold are being traded daily,” U Myo Myint clarified.
Besides, the raw gold metals are vastly entering the gold market, he added.
“Now, our Myanmar gold market is operating as usual and the raw materials are also supplied from gold mining. When all the shops are reopened, the old gold scraps will be come back as raw materials. About 50 visses of gold are back to the shops as old gold scraps daily. Those old gold scraps are refined into pure gold bars and then about 50 visses of gold are resold in the market daily. Another thing is that the goods from Mandalay and Mawlamyine are coming back to the market. Now, we got a lot of gold in the market,” said U Myo Myint.
In last September, there has been a lot of demand in the gold market due to the depreciation of the kyat against the dollar, hence the gold purchase orders were accepted appointment system.
The pure gold price was up to K 2,220,500 per tical (0.578 ounce or 0.016 kilogramme) in September in the domestic market, while the US dollar exchange rate touches a high of above US$ 3,000 per dollar.
To regulate unsustainable rally in the domestic gold market, the association called for the members to make the gold transaction with only immediate payment, avoid the verbal transactions over calls and halt trading outside the Yangon region, according to YGEA.
The fluctuation of the domestic gold price is depending upon the global gold price and US dollar exchange rate. Currently, the pure gold price is about K1,793,000 per tical (0.578 ounce or 0.016 kilogramme) on 16 December in the domestic market while global gold price touches a high of above US$ 1,781 per ounce. Further, the dollar to kyat exchange rate was at K1,780 per dollar on 16 December. — NN/GNLM