WITH the global gold price dip-ping, the price of the yellow metal in the domestic market is likely to remain on the low side, said U Ohn Myaing, Gen-eral Secretary, Myanmar Gold Entrepreneurs Association.
The prevailing price of gold in the domestic market is around K1,044,500 per tical (0.578 ounces), while gold is priced at around US$1,273 per ounce in the global market. “As global gold price has cooled a bit, the local gold price has declined to around K1,044,500. With the global gold price see-ing a downward trend, the do-mestic gold price is likely to continue declining,” said U Ohn Myaing. At present, the demand for gold is decreas-ing in the domestic market, he said.
The domestic gold price is positively related to the global gold price. During the second week of April, the global gold price crossed $1,300 per ounce, but it has now dipped to $1,273, according to gold traders.
With the global gold price increasing earlier this year, the local gold price hit fresh peaks, reaching K1,050,000 per tical between 17 and 29 January, crossing K1,060,000 between 30 January and 7 February, topping K1,070,000 from 8-18 February, and rising above K1,080,000 between 19 and 21 February. Thereafter, it gradually declined to reach the current level of K1,044,500 per tical.
Over the past few months, the local gold price reached a minimum of K1,043,4000 on 1 January and a maximum of K1,061,000 on 31 January. It hit a low of K1,058,400 on 2 February and a high of K1,087,300 on 20 February. In March, the price touched a low of K1,048,600 on 30 March and a high of K1,069,000 on 21 March. Last month, the gold price reached a low of K1,037,200 on 24 April and a high of K1,054,700 on 11 April, according to gold traders.
By Nyein Nyein
(Translated by Ei Myat Mon)