12 May
By Nyein Nyein
The coronavirus impacts shut down the domestic gold market and the price also fell, although the gold price is rising in the global market, said Chairperson U Myo Myint of Yangon Region Gold Entrepreneurs Association (YGEA).
“Local market remained closed amid coronavirus pandemic. Earlier, Myanmar has conducted gold trade with India and China through border areas. Now, the market has been cool due to trade suspension at border areas,” he stated.
At present, the domestic gold prices fetch only above K1,170,000 per tical (0.578 ounces, or 0.016 kilograms), while global gold price touches a high of above $1,700 per ounce, he continued.
“If domestic gold would be priced at above K1.2 million per tical if it is evaluated on the prices in the global market,” he explained.
In early September last year, the price of pure gold reached an all-time record of above K1,300,000 per tical in the domestic market, while the price of gold was pegged at US$1,550 per ounce in the global market, as per market data.
Currently, Yangon and Mandalay gold markets are temporarily closed, yet some gold and jewellery shops are still open for trade to help those gold traders who want to sell and buy the gold during coronavirus crisis.
Additionally, to open the market, the YGEA stated it has been discussing with the officials of the relevant departments.
There are over 10,000 gold shops in Yangon Region, with daily trading of about 50 visses. The market has been closed amid coronavirus pandemic.
With global gold prices on the uptick, the domestic price hit fresh highs last year, reaching K1,000,000 per tical between 17 January and 21 February, crossing K1,100,000 (22 June to 7 August), climbing to 1,200,000 (7 August-4 September), and then reaching a fresh peak of K1,300,000 on 5 September.
According to gold traders, during the past three months, the local gold price moved in the range of, K1,214,100 on 5 February and K1,234,200 on 28 February. In March, it reached the lowest level of K1,148,000 (31 March) and the highest level of K1,218,600 (4 March). Last month, the global coronavirus risks shut down the gold market, according to gold traders. (Translated by Ei Myat Mon)
