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Domestic gold price gains up to over K1.7 mln

The price of domestic gold bar gained up to 1,708,000 kyats per tical (roughly 16.33 grammes), according to Yangon Gold Entrepreneurs Association (YGEA). The price of domestic gold is high right now due to a shortage of raw precious metals and the rising global gold prices. Additionally, Kyat is depreciating in the local forex market, which is another cause of price gain in the domestic gold market. Currently, the global gold prices stood at US$1,814 per ounce, while a US dollar exchange rate scaled up to the peak of around K1,800 in the local foreign market. On 12 May, domestic gold hit an all-time high of K1,709,000 per tical in history.

Thus, YGEA urges its members to regulate trade to be able to stabilize the domestic gold prices. Besides, the shops are urged to sell only small pieces of gold bar. The association is also monitoring to stop accepting orders without raw gold material and to stop distance trading. In January 2021, the gold price was ranged between the minimum of K1,316,000 per tical (28 January) and the maximum of K1,336,000 per tical (6 January). It reached an all-time high of K1,410,000 per tical on 3 February and hit the minimum of K1,340,000 per tical on 2 February.

In March, the rate fluctuated between the highest of K1,391,000 (25 March) and the lowest of K1,302,000 (4 March). The price has registered the highest of K1,455,000 (30 April) and the lowest of K1,389,000 (1 April). The price reached an all-time highest of K1,709,000 (12 May) and the lowest of K1,447,000 in May. The price moved in the maximum of K1,575,500 (11 June) and the minimum of K1,543,000 (19 June). The rate hit the lowest level of K 1,562,300 (26 July) and the highest level of K 1,587,000 (9 July). Last month, it fluctuated between K1,572,800 (3 August) and K1,698,000 (31 August), the gold traders said.

According to gold traders, the local gold 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 K1,317,000 (9 November) and the lowest of K1,270,000 (30 November). In December, the pure yellow metal priced moved in the range of 1,280,000 (1 December) and 1,332,000 (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 1,200,000 (7 August-4 September), and then reaching a record high of K1,300,000 on 5 September 2019.

Source: The Global New Light of Myanmar

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