The gold buyers are now selling their gold back to the shops they have bought from as the price of gold has climbed up in the local market, according to the gold merchants.
In the gold market, many people are selling back their gold as the price of gold has reached Ks 841,000 per tical, from Ks 834,000 as of 28 July, according to a local jeweller.
During monsoon, most of the customers are selling back their gold wares, said U Maw, General Manager of Aung Thamadi Jewellery shop.
The price of gold in the international market climbed by about US$ 20 per ounce. “Currently, the price of gold in local market is at its peak. So, the people want to sell back their gold. When customers sell the gold, they can get a profit of around Ks 40,000, partical said Ko Min, the gold teader. The price of local gold was record high in July 12, 2016 with a tical being sold for Ks 850,000.
Tun Tun Min