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April 26, 2019

Gold prices hit record high in domestic market

Gold jewellery displayed at a shop in Yangon. Photo: Phoe khwar

Gold prices reached a record high of K1.05 million per tical in the domestic market on 4 January, taking cues from the rising global gold prices, said U Ohn Myaing, the general secretary of the Myanmar Gold Entrepreneurs Association.
The current prices are higher compared with the record of K1.047 million reached in September, 2017, said traders.
Gold prices have been rising gradually in the domestic market since mid-December 2018.
“Right now, global gold prices are skyrocketing. At present, gold is priced at almost US$1,
300 per ounce in the global markets. There will be illegal outflows of local gold if local prices are not linked with global gold prices. Despite the price increase, there is a high demand for gold in the local market.” said U Ohn Myaing.
In the last three months, domestic gold prices recorded a low of K969,000 per tical on 1 October. The prices increased to K1.04 million on 31 October. Gold prices stood at K1.044 million on 2 November and declined to K1.027 million on 30 November. The price of gold touched a low of K987,000 in early December, and rose to K1.043 million in late December.
Starting from 21 July, 2017, domestic gold prices have remained above K900,000, tracking high prices in the global gold market. In 2017, gold prices reached a record high of K1.047 million on 20 September from K989,000 in August.

 

By Nyein Nyein

(Translated by Khaing Thanda Lwin)

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