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January 18, 2019

Gold transactions decline as academic year approaches

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

The gold market has been cool with the academic year approaching in Myanmar.
U Ohn Myaing, secretary of Myanmar Gold Entrepreneurs Association, further noted that farmers were busy preparing for the monsoon harvest.
Gold transactions rose last February because of the Chinese New Year and the wedding season. Thereafter, trading was on the lower side.
U Aye Cho, public relations officer of Yangon Region Gold Entrepreneurs Association, pointed out that the gold market this year is cooler than that of last year.
The market price of gold is US$1,317 per ounce in the global market, while Myanmar’s pure gold price fetches more than Ks939,000 per tical (0.578 ounce). Domestic gold slightly decreases from Ks948,000 per tical.
This year, the gold price was fluctuating above Ks930,000 and reached above Ks940,000 in mid-February. Gold price hit a high of Ks950,000 in the last week of January and a-two-month record high price of Ks956,000 per tical on 25 January.
The global gold price is likely to remain stable for a while unless there is significant change in the political climate. The domestic gold price has been cool as in the previous years with the academic year approaching. The market will possibly recover a bit in July.
The US dollar exchange rate was on the high side last year on account of global political changes and instability. The global gold market has been fluctuating. Myanmar’s gold market was on the high side the whole year.
During September last year, the local gold price reached an all-time record high of Ks958,000 per tical, while the global gold price was US$1,348 per ounce.

by

May Thet Hnin

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