21 June

WITH the gold price sliding in the global market, the price of domestic gold has dropped to K1,540,000 per tical ((0.578 ounces, or 0.016 kilogrammes), according to the Yangon Gold Entrepreneurs Association (YGEA).

Although the global gold price stood at US$1,914 per ounce on 1 June, it plunged to $1,763 per ounce on 19 June with a decrease of over $150 in 20 days as per market data.

Likewise, the local gold price has fallen as a result of the situation in the international market. The local gold price was only around K 1,573,000 per tical on 1 June, but it spiked to K1,540,000 per tical on 19 June. Within 20 days, the domestic gold price was plunged by K33,000 per tical.

YGEA is taking necessary measures to stabilize the gold price as per the instructions of the bureau of special investigation, according to an announce ment of YGEA issued on 17 May.

At present, the association has closed the gold trading to be able to make steady the gold price and urged its members to run a cash-only transaction for the purchase of the gold. Moreover, those illegal importers and those who practise overtrading with negligence will face serious legal action.

In January 2021, domestic gold fetched the highest price of K1,336,000 per tical on 6 January. It reached the lowest price of K1,316,000 per tical on 28 January. It got the lowest level of K1,340,000 (2 February) and the highest level of K1,410,000 (3 February). In March, the rate fluctuated between the most elevated of K1,391,000 (25 March) the lowest of K1,302,000 (4 March). The lowest price was K1,389,000 (1 April) and the highest was K1,455,000 (30 April). The gold price touched the lowest level of K1,447,000 on 3 May and the high est level of K1,709,000 on 12 May, according to the gold traders.

The local gold price reached the lowest level of K1,310,500 (2 September) 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 K1,312,000 (16 November) and the lowest of K1,278,000 (28 November). According to the gold traders, in December, the pure yellow metal priced moved in the range of K1,275,000 (1 December) and K1,333,000 (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 K1,200,000 (7 August-4 September), and then reaching an all-time record high of K1,300,000 on 5 September in 2019. — NN/GNLM