Domestic gold price down in global plunge

According to the gold prices skimming in the global market, the gold market price in Myanmar has dropped to K1,318,800 per tical (0.578 ounces, or 0.016 kilogrammes) the domestic gold market. Although the global gold price stood at US$1,955 per ounce on 6 January, it plunged to $1,828 per ounce on 16 January with a decrease of over US$100 in 11 days as per market data. Similarly, the local gold price has fallen as a result of the situation in the international market.

The local gold price was only around K1,336,000 per tical on 6 January, but it spiked to K1,318,800 per tical on 16 January. Within 11 days, the domestic gold price plunged by K12,000 per tical. The local dollar exchange rate was also on the downside. At present, the local dollar exchange rate stands at around K1,339 per dollar. At the end of last year, the local gold reached the lowest 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 pace changed between the highest of K1,317,000 (9 November) and the lowest of K1,270,000 (30 November). In December, the pure yellow metal price moved in the range of K1,280,000 (1 December) and K1,332,000 (28 December). With the 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 K1,200,000 (7 August-4 September), and then reaching a fresh peak of K1,300,000 on 5 September, according to the gold traders.

Source: The Global New Light of Myanmar

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