Domestic gold price hits new record high amidst global price hike

With the record high global gold price, the domestic gold price also hit a new record on 7 August with K1,332,500 per tical, according to the domestic gold market. Although the domestic gold price was a record high at K1,307,000 per tical (0.578 ounces, or 0.016 kilograms) on 5 September 2019, the gold price is a new record high again. While the domestic gold price was highly recorded at K1,300,000 per tical on 5 September 2019, the price of the global gold price has only risen to $1,550 per tical. With the rising of the global gold price, the global gold market saw the gold being sold for $20,000 per ounce on 5 August and the price continued to hike and hit a new record high at $2,062 per ounce on 7 August.

With the rising of the global gold price, the domestic one also hit the new record. The dollar versus the kyat exchange rate was K1,373 per dollar on 7 August. At present, there is a high demand for gold in the local market, according to a domestic gold trader.
With the slightly rising of domestic gold price together with the global gold price starting from 2019, the local gold price reached K1,000,000 per tical between 17 January and 21 February, K1,100,000 between 22 June and 5 August, K1,200,000 between 7 August and 4 September and, then reached an all-time high of K1,300,000 on 5 September 2019.

In April, the coronavirus risks caused the shutdown of the gold market, and the market reopened on 18 May with a minimum rate of K1,214,100 (27 May) and a maximum rate of K1,236,000 (18 May). The price was moving 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), according to the gold traders.

Source : The Global New Light of Myanmar

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