November 21, 2017

Gold trade declines during Tazaungdaing Festival

Gold seen at shop in downtown Yangon. Photo: Phoe Khwar

GOLD trading in Yangon market during the period of Tazaungdaing lighting festival has plummeted compared to the same period last year, according to a report of the Myawady Daily issued on Friday.
Ko Ye, an owner of the Shwe Pwint Hlwar Gold Shop in Yangon’s Bogyoke Market, said: “Normally gold market booms before the Tazungdaing
Festival. The gold market saw a significant decrease in demand for gold prior to this year’s festival.” “The current gold trade in gold and jewellery shops has been on the decline. A drop in gold trade is linked to the increasing prices in the domestic market. Continuous increase in global gold price and the greenback appreciation have an impact on the local market.
An increase in the number of gold shop in the city is another reason for declining gold trade,” he continued. The opening prices of gold in the world market were 1,279 dollar per ounce on 2 November while the local gold price stood at Ks 931,000 per tical (0.578 ocunce).

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