September 22, 2017

Domestic gold price on upward trend due to high global gold price

A salesman displays a tray of gold bangles at a jewellery shop.  Photo: Reuters

Domestic gold price keeps rising due to high global gold price.
As global gold price jumped to US$1,356 per ounce last Friday, domestic gold price reached a peak of Ks953,000 per tical (0.578 ounce).
In spite of the fact that global gold price slipped a bit yesterday against last Friday’s price, domestic pure gold price still remained on the rise with a record high of Ks953,500 a tical in the evening of 9 September, according to Aung Thamardi Gold and Jewellery Shop and Gold Refinery.
“Record high gold price cools the market. The gold and jewellery shops do not rush to make transaction while observing the market price, said U Kyaw Win.
The global gold price is likely to remain on the upward trend due to political tension, he added.
The pure gold reached above Ks900,000 a tical in mid July and then, the price soared to Ks945,000 in the end of August. And now, the price reached its new peak of Ks935,500 per tical in the evening of 9 September while global gold price is $1,347 an ounce .

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