October 20, 2017

Myanmar gold appreciates to record breaking value

Gold jewelry displayed in Yangon.
Gold jewelry displayed in Yangon.

The value of a tical (0.576 ounces) of Myanmar gold appreciated to Ks850,000 during the second week of July as a result of rises in the value of gold on the world market and the US dollar, according to those involved in the domestic gold industry.
An ounce of a gold on the world market increased in value from US$1,353 on 8 July to US$1,366 just three days later on 11 July, causing the price of Myanmar gold to increase.
“The price of Myanmar gold has appreciated in response to the increase in value of the US dollar and world market gold. It’s tricky to estimate market value these days. Trading has slowed down as a result,” said U Zaw Aung, owner of Taite Gold Store.
A tical of Myanmar gold has seen a rise in value from Ks839,000 on 8 July to approximately Ks849,000 on 11 July.
“It’s a lot of coincidences; while the value of the US dollar and world market gold are competing with each other, domestic gold production has slowed down because of the rainy season. That’s why the value of Myanmar gold has increased.” said U Maw Maw, general manager of Aungthamardi Gold Store.
The value of gold on the world market began to increase in value from 24 June, peaking in value at US$1,370 per ounce, while the current value of Myanmar gold is reportedly the highest in recent history.

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