Domestic gold price holds above K1.3 mln tracking global cues

5 August

 

THE domestic gold prices rose above K1.3 million per tical (0.578 ounces,  or  0.016  kilograms)  on  the  back  of  a  record  rise  in  in-ternational  global  market,  ac-cording  to  Yangon  Gold  Entre-preneurs Association (YGEA).

 

On 1 July, a yellow metal was priced around K1,216,500 per ti-cal. It gradually went higher and reached a high of K1,307,500 per tical on 4 August.

 

Meanwhile,  gold  price  was  pegged  at  US$1,780  per  ounce  on 1 July and hit an all-time high of  above  $1,973  per  ounce  on  4  August.

 

However,  the  local  forex  market sees a slight gain of Kyat against the US dollar, with K1,375 per dollar.

 

“At  present,  the  domestic  market  is  reported  to  have  a  matching of supply and demand”, said U Ohn Myaing, general sec-retary of Myanmar Gold Entre-preneurs Association.

 

According  to  gold  traders,  during the past four months, the coronavirus risks shut down the gold market in April, and the mar-ket was reopened on 18 May, with the minimum rate of K1,214,100 (27 May) and the maximum rate of K1,236,000 (18 May). The price moved in the range of, K1,209,600 on  6  June  and  K1,219,500  on  1  June.  The  local  gold  reached the  lowest  level  of  K1,216,500  (1 July) and the highest level of K1,296,500 (27 July).

 

With  global  gold  prices  on  the  uptick,  the  domestic  price  hit  fresh  highs  last  year,  reach-ing 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  an  all-time  record  high  of  K1,300,000  on  5  September 2019.

 

By Nyein Nyein

(Translated by Ei Myat Mon)