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July 21, 2019

Gold price rebounds within a week

The price of pure gold in the domestic market has bounced back to above K1,055,000 per tical (0.578 ounces) over the past few days, after plunging to K1,041,000 in the first week of April, according to traders.
The prevailing price of gold in the local market is around K1,055,000, up by about K1,500 compared with last week’s price.
The price of gold in the domestic market is related to prices in the global gold market. With global gold prices witnessing an upward trend in recent days, local prices are also on the rise.
“Gold price in the domestic market is likely to remain on the higher side. The market is seeing regular trading,” said gold traders.
The local gold price touched the highest level of above K1,080,000 in mid-February, tracking the upswing in global gold prices.
The price of gold in the domestic market has remained above K900,000 per tical since 21 July, 2017. With global gold prices on the rise, the domestic gold price touched a high of K1,047,700 on 20 September last year. — Ko Htet (Translated by Ei Myat Mon)

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