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June 23, 2018

Gold market cool after Chinese New Year

Gold being displayed at a jewellery shop.  Photo: Phoe Khwar
Gold being displayed at a jewellery shop.  Photo: Phoe Khwar

Gold trading has been calm in the post-Chinese New Year period, said gold entrepreneurs.
U Ohn Kyaing, secretary of Myanmar Gold Entrepreneurs Association, said that the Chinese New Year and the wedding season had shaken the market a bit, but it had turned cool now.
“Gold transactions are usually on the decline during this time of the year, but this year’s market has seen lower trading than the previous years,” he said.
U Aye Cho, public relations officer of Yangon Region Gold Entrepreneurs Association, noted, “Gold trading this time of the year dropped by 30 per cent compared with that during the same period last year.”
Currently, the global gold price is US$1,322 per ounce, while Myanmar’s gold fetches more than Ks939,000 per tical (0.578 ounce).
This year, the gold price is hovering above Ks930,000 per tical. The price hit a high of more than Ks950,000 per tical at the end of January, while a two-month record high price of Ks956,000 per tical was achieved on 25 January. In the middle of February, the gold price slipped to Ks940,000 per tical. Global gold prices fluctuated last year owing to global political changes and the appreciation of the dollar. Myanmar’s gold price was also on the higher side then, said gold entrepreneurs.
Since April 2017, the gold price has been fluctuating. It reached above Ks900,000 in July 2017. Last September, the local gold price reached an all-time record high of Ks958,000 per tical, while the global gold price was $1,348 per ounce.

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