The price of domestic gold bar rose up to above K1.8 million per tical (approximately 16.33 grammes), according to Yangon Gold Entrepreneurs Association (YGEA). The price of domestic gold is high right now because of the depreciation of the Myanmar Kyat in the local foreign currency market. Currently, a US dollar exchange rate mounted up to the highest of around K1,980 per dollar in the local foreign market, while the domestic bar gold gained up to K1,820,000 per tical in the market.
On 28 September, the exchange rate on the US dollar hit an all-time high of over K3,000 in the domestic exchange market, while the price of a pure gold metal jumped accordingly to a record high of K2.22 million per tical (0.578 ounce, or 0.016 kilogramme), according to the Yangon Region Gold Entrepreneurs Association (YGEA). However, it gradually dropped to around K1,800 per dollar by the end of October and the local bar gold price also fell to K1,750,000 per tical. 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 was 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). It fluctuated between K1,562,300 (26 July) and K1,587,000 (9 July). The price of gold reached the lowest of K1,572,800 (3 August) and the highest of K1,698,000 (31 August). The price of pure gold metal hit a fresh peak of K2,220,000 per tical (28 September) and it was priced the lowest of K1,703,500 per tical (1 September).
Last month, the rate fluctuated between the highest of K2,030,000 (1 October) and the lowest of K1,750,000 (27 October), 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 price 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