August 19, 2016

Myanmar gold demand slumping

Photo: Myitmakha News Agency
Photo: Myitmakha News Agency

GOLD sellers in Myanmar are facing an up hill slog, as prices have reached record heights in the country. As of 20 June the price per ounce of gold was US$1,285 globally, with Myanmar rates at Ks807,500 per tical (16.33 grams) (US$608).
Seller in Yangon have blamed the slumping real estate and car markets as people, they claim, purchase gold from excess wages earned from the two different industries.
“We have to purchase the gold at the market rate although we sold them at around Ks500,000 or Ks600,000. The better we sell, the more we have to buy back,” said U Aung San Win from AungThamadi Goldsmith in Shwebontha Street, Yangon.
The Myanmar gold market is reportedly failing to attract investors because of the high price of gold and the appreciation of the Kyat.  Gold dealers are making efforts to develop the gold market by selling quality items, reducing the charges of goldsmiths, reducing the wastage when making jewelry and offering lucky draws to customers, there was no elaboration to the final method of business development.—Myint Maung Soe


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