Spot gold price hits above US$2,000 per ounce

As spot gold price rose to $2,033 per ounce on 14 December, the Yangon Gold Entrepreneurs Association (YGEA) set the pure gold price higher at K3.697 million per tical (0.578 ounce or 0.016 kilogramme).

The spot gold price on 13 December dropped to US$1,979 per ounce.

Yet, the market value of the pure gold hit K3.72 million per tical. There is only a slight price difference of over K20,000 per tical between YGEA’s set price and the market value.

A US dollar is currently exchanged at K3,540 at the over-the-counter market.

With the Kyat depreciating to K4,000 against the greenback in the forex market, the gold price peaked at K4 million per tical in late August 2023. — NN/EM