Myanmar domestic gold price rises to over MMK 1.7 mln per tical

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With the rise in global gold prices, Myanmar domestic gold prices reached a new record of over MMK1.7 million per tical on 9 February. (tical=16.3293 g) In the last ten days, domestic gold prices increased to over MMK 1.6 million per tical on 30 January. The price of domestic gold has moved up as a consequence of rising global gold prices, said U Kyaw Win, chairman of the Myanmar Gold Entrepreneurs Association.

“The global gold price is rising because of the instability of international economics. Therefore, most entrepreneurs made investments in gold, which is why global gold prices have increased,” he added.

Although the market has not heated up, though gold prices are soaring in the domestic market, the price of domestic gold prices stood around MMK 1.7 million, said U Ohn Myaing, the general secretary of the Myanmar Gold Entrepreneurs Association.

“The domestic gold price closed with MMK 1,070,900 per tical on 8 February. The price of the dollar against local currency has not declined. The price of global gold is still rising, and that is why it is not easy for domestic gold prices to decline within a short time,” said U Ohn Myaing.

Gold prices have been increasing from about MMK 1,050,000 per tical on 4 January, since the beginning of the month, and hit MMK 1,060,500 per tical on 30 January and MMK 1,072,500 per tical on 9 February, according to gold traders. Global gold prices reached $ 1,293 per ounce on 4 January, $ 1,313 per ounce on 30 January and $ 1,313 per ounce on 9 February. The price of local gold declined to MMK 1,027,100 per tical on 30 November, from MMK 1,044,500 per tical on 2 November. The price of gold increased to MMK 1,043,000 per tical on 29 December, from MMK 987,000 per tical on 4 December.

In 2019, the price of gold reached a record high to MMK 1,061,000 per tical on 31 January, from MMK 1,043,400 per tical on 1 January, according to a gold dealer. Starting 21 July 2017, domestic gold prices have remained above K 900,000 per tical. With the rise in global gold prices, the domestic price also peaked at MMK 1,047,700 million on 20 September 2017, after touching a high of MMK 989,000 in August 2017.

MNA

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