Yellow metal price drops below K1.8 mln per tical

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Gold jewellery is seen at one of the gold outlets in Yangon.

The price of precious yellow metal sank to below K1.8 million per tical (0.578 ounces, or 0.016 kilogrammes), according to the Yangon Region Gold Entrepreneurs Association (YGEA).
The drop in gold price is attributed to Kyat appreciation of the US dollar in the local forex market.
Last 28 September, a dollar value hit an all-time high of over K3,000 in the black market and consequently, the pure gold reached a record high of K2.22 million per tical in history.
On 26 October, the exchange rate on the US dollar slipped to below K2,000 and the domestic gold prices fell to K1.78 million per tical.
Therefore, there is a gap of over K1,000 in the forex market within a month, while the gold price was down by K440,000 per tical.
Last September, the gold market had a bumpy ride amidst the Kyat devaluation, bulk buying, shortage of raw metal and political development.
As a result of this, YGEA urged its members to regulate trade in order to deal with market volatility.
The association has curbed the amount of gold that investors can trade. It permits only 10 ticals for daily trading. In January 2021, the gold price was ranged between the minimum of K1,316,000 per tical (28 January) and the maximum of K1,336,000 per tical (6 January). It reached an all-time high of K1,410,000 per tical on 3 February and hit the minimum of K1,340,000 per tical on 2 February. In March, the rate fluctuated between the highest of K1,391,000 (25 March) and the lowest of K1,302,000 (4 March). The price has registered the highest of K1,455,000 (30 April) and the lowest of K1,389,000 (1 April). The price reached an all-time highest of K1,709,000 (12 May) and the lowest of K1,447,000 in May. The price moved in the maximum of K1,575,500 (11 June) and the minimum of K1,543,000 (19 June). It fluctuated between K1,562,300 (26 July) and K1,587,000 (K1,587,000). The price of gold reached the lowest of K1,572,800 (3 August) and the highest of K1,698,000 (31 August). Last month, it had recorded the lowest of K1,703,500 (1 September) and edged up to K2,220,000 (28 September), the gold traders said.
According to gold traders, the local gold reached the lowest level of K1,310,500 (2 September) 2020 and the highest level of K1,314,000 (1 September). In October, the rate ranged between K1,307,800 (30 October) and K1,316,500 (21 October). The rate fluctuated between the highest of K1,317,000 (9 November) and the lowest of K1,270,000 (30 November). In December, the pure yellow metal price moved in the range of 1,280,000 (1 December) and 1,332,000 (28 December).
With global gold prices on the uptick, the domestic price hit fresh highs in 2019, reaching K1,000,000 per tical between 17 January and 21 February, crossing K1,100,000 (22 June to 5 August), climbing to over 1,200,000 (7 August-4 September), and then reaching a high of K1,300,000 on 5 September 2019. – NN/GNLM

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