The domestic gold price is supposed to reach Ks900,000 per tickle due to global price of gold and the dollar, the goldsmiths said.
The local gold price is positively related to the dollar price and world gold’s price. Although the world gold’s price is currently stable, the local gold price has risen in keeping with an increase in dollar exchange rate. As a result of this, the gold market is not seen well.
The exchange rate of US dollar is above Ks1,290 per dollar and the local gold price reached over Ks880,000 per tical on 1st November, it is learnt from gold and jewellery market.
Starting from 27th October, the USD exchange rate has been on the rise at the black market. The rates per dollar are Ks1,292 on 27th October, Ks1,293 on 28th October, Ks1,291 on 29th, 30th and 31st October and Ks1,292 on 1st November respectively, it is learnt from black market.
The Central Bank of Myanmar set the exchange rate at Ks1,285 per dollar on 27th, 28th, 31st October and 1st November.
Those who want to purchase gold need to keep abreast of the US exchange rate. If the dollar price goes down, the gold price cannot be expected to drop to the same extent, said the businessmen.