Domestic gold price hits only over K1.57 mln despite rising of global gold price

The domestic gold bar price hit only over K1.57 million on 27 May despite the rising of the global gold price, according to Yangon Region Gold Entrepreneurs Association (YGEA). The international gold price was around US$1,898 per ounce on 27 May. Although the international gold price stood at only $1834 per ounce on 12 May, the price of precious yellow metal hit the all-time highest of K1,709,000 per tical (0.578 ounce, or 0.016 kilogramme) in history. As a result, the domestic gold price is not rising like international gold. Yangon Region Gold Entrepreneurs Association is taking the necessary measures to stabilize the gold price as per the instructions of the special investigation team, according to an announcement of YGEA issued on 17 May.

At present, the association has closed the gold trading to be able to steady the gold price and urged the members to run a cash-only for the gold transaction. Moreover, illegal importers and those who practise overtrading with negligence will face serious legal action. In January 2021, domestic gold fetched the highest price of K1,336,000 per tical on 6 January. It reached the lowest price of K1,316,000 per tical on 28 January. It got the lowest level of K1,340,000 (2 February) and the highest level of K1,410,000 (3 February). In March, the rate fluctuated between the most elevated of K1,391,000 (25 March) and the lowest of K1,302,000 (4 March). In April, the rate touched the lowest K1,389,000 (1 April) and the highest level of K1,455,000 (30 April), the gold traders said.

The local gold price 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 K1,312,000 (16 November) and the lowest of K1,278,000 (28 November). According to the gold traders, in December, the pure yellow metal priced moved in the range of K1,275,000 (1 December) and K1,333,000 (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 K1,200,000 (7 August-4 September), and then reaching an all-time record high of K1,300,000 on 5 September in 2019.

Source: The Global New Light of Myanmar

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