With the steep decline in the global gold price of over US$10 per ounce on 1st March, the domestic gold price slumped by Ks897,000 per tical, according to the local gold market.
The gold price fell to US$1,251 on 28th Feb per ounce from US$1,257.40 on 27th Feb and then remained on the decline with about US$1,242 per ounce on 1st March, which affected the domestic gold market.
When the global gold price jumped on 24th Feb, the domestic gold price soared to a record high of Ks903,500 per tical on 27th Feb.
In early March, the exchange rate of the greenback dropped to Ks1,360 a dollar in the domestic currency exchange market.
The exchange rates for a US dollar declined from Ks1,368 to Ks1,360 from 20th Feb to 1st March. The Central Bank of Myanmar (CBM) set the exchange rate at Ks1,357 per dollar in keeping with the drop in external exchange market. The CBM set the exchange rate at Ks1,360 a dollar from 21st to 28th Feb.
The US dollar exchange rate hit its highest rate of Ks1,438 on 16th Dec and the lowest rate of 1,348 on 16th Jan, it is learnt.