February 13, 2017

Breaking News

Appreciation of the dollar stabilises value of Myanmar gold

DESPITE a fall in the value of gold on the world market, a tical’s worth (0.576 ounces) of Myanmar gold is currently stable – during this third week of February – at approximately K793,000, gold shoppers have made it known.
An ounce of gold on the world market valued as much as $1,260 during the second week of February, before declining to $1,198 in the third week of this month. The value of the US dollar to the Myanmar Kyat has increased from $1 equalling K1,200 to approximately K1,250 to the dollar.
“It can be said there is a downward trend in the value of gold on the world market. Prior to 2015, it was normal for the dollar to decline in value when the price of world market gold was high. In the wake of 2015 however, the price of the dollar would mimic the trend of an increase in the value of world market gold. For now, you could say things are back to normal but the price of the dollar still isn’t stable.” explained U Maw Maw, general manager of the AungThamardi gold store.
The value of a tical of Myanmar pure gold peaked at K803,000 during the second week of February, dropping to as low as K791,900 during third week of the month. The current increased value of the dollar, and depreciation in value of gold on the world market, has created a situation whereby the price of Myanmar pure gold is not costing what it should.— Myitmaka News Agency

Comments

Related posts

Translate »