October 20, 2017

Myanmar gold depreciates in value by K3,000 a tical

Singaporean Foreign Affairs Minister arrives in Nay Pyi Taw
Singaporean Foreign Affairs Minister arrives in Nay Pyi Taw

DUE to a depreciation in the value of gold on the world market by US$10 an ounce, the price of Myanmar gold fell by K3,000 per tical (a tica is 0.0164 grams) yesterday, according to gold traders.
An ounce of world market gold declined in value from US$1,280 on Monday to US$1,270 yesterday. As a result, the price of Myanmar gold followed suit, falling by K3,000 a tical from K795,000 on Monday to K792,000 yesterday.
“The price of Myanmar gold has fallen because of a decline in the value of the world market gold. The price of the US dollar, however, is normal. Business also remains good.” said U Zaw Aung, owner of the Taite gold shop.
The value of Myanmar gold is dependant upon that of the US dollar. While the price of world market gold is unstable, the exchange rate of K1,170 to the US$1 has remained steady. A ounce of gold on the world market peaked at US$1,302 on 2 May before depreciating to just US$1,264 for the same quantity during this third week of May.
Gold shopkeepers have estimated that the value of gold on the world market will decline but pricing proves difficult to predict as it regularly fluctuates.
That said, it hasn’t had a negative effect on business to date.” said U Maw Maw, general manager of the Aungthamardi gold shop.
The price of a tical of Myanmar gold fell to K732,000 during January of this year but appreciated to K809,500 during the following month of February because of a rise in the value of gold on the world market.
In regards to the position of the markets yesterday afteroon, a tical of Myanmar gold valued at K792,000; a tical of 15 carat gold fetched K742,000; an ounce of gold on the world market priced US$1,270 while the MMK – USD exchange rate valued K1,170 to US$1.—Myitmakha News Agency

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