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Local currency revaluates these days, while gold price drops

The value of local currency regains in recent days in the local forex market. Similarly, the prices of gold also dropped, according to the local forex market. On 28 September, the exchange rate on the US dollar hit an all-time high of over K3,000 in the black market, whereas the rate fell to over K2,000 on 6 October, showing a significant decrease of K1,000 within days. The prices of a pure gold metal jumped accordingly to a record high of K2.22 million per tical (0.578 ounce, or 0.016 kilogramme) on 28 September, while a yellow metal was priced at only K1,930,000 per tical on 6 October, according to the Yangon Region Gold Entrepreneurs Association (YGEA). The price is therefore down by K270,000 per tical these days. YGEA has urged its members to regulate trade in order to deal with market volatility. The association has curbed the amount of gold that investors can trade. It permits only 10 ticals for daily trading, as per YGEA.

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 (August). The price of gold reached the lowest of K1,572,800 (3 August) and the highest of K1,698,000 (31 August).

Last month, 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), 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 high of K1,300,000 on 5 September 2019. 

Source: The Global New Light of Myanmar

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