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Domestic gold price soars to K1,823,000 per tical in New Year

The domestic gold price has mounted to K1,823,000 per tical (0.578 ounces or 0.016 kilogrammes) on New Year Eve, according to the domestic gold market. The price of domestic gold is on the rise right now because of the rising of the international gold market and the US dollar exchange market. Currently, the US dollar exchange rate is fixed at around K1,900 per dollar in the foreign market, while the international gold gained US$1,829 per ounce. The domestic gold price is positively linked to the international gold price and US dollar exchange rate.

The pure gold price was up to K2,220,000 per tical in September in the domestic market, while the US dollar exchange rate touches a high of above US$3,000 per dollar. Last September, there has been a lot of demand in the gold market due to the depreciation of the kyat against the dollar, hence the gold purchase orders were accepted in an appointment system. 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 (3 May).

The price moved in the maximum of K1,575,500 (11 June) and the minimum of K1,543,000 (19 June). Last month, it fluctuated between K1,562,300 (26 Jul) and K1,587,000 (9 July), the gold traders said. According to gold traders, the price of gold reached the lowest of K1,572,800 (3 August) and the highest of K1,698,000 (31 August). The local gold reached the lowest level of K1,703,500 (1 September) and the highest level of K2,220,000 (28 September). In October, the rate ranged between 1,750,00 (27 October) and K2,030,000 (1 October). The rate fluctuated between the highest of K1,810,000 (6 November) and the lowest of K1,768,500 (24 November). In December, the pure yellow metal price moved in the range of 1,768,500 (6 December) and 1,823,000 (29 December).

Source: The Global New Light of Myanmar

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