October 22, 2017

Myanmar gold prices rise in last week of April

Gold jewelry are on display at a shop in Yangon.  Photo: Myitmakha News Agency
Gold jewelry are on display at a shop in Yangon. Photo: Myitmakha News Agency

The rising value of gold on the world market during the last week of April has resulted in the price of a tical (0.576 ounces) of Myanmar gold rising by around K12,000, according to gold dealers.
The value of an ounce of gold on the world market during the third week of April stood at $1,233 before rising to $1,245 during the final week of the month. The price of Myanmar gold has similarly increased in value from K768,000 per tical during the third week of April to K780,000 in the fourth week.
“The appreciation in the value of gold on the world market has caused unstable prices. The price of Myanmar gold has also risen slightly. Gold trading has improved in the wake of the Thingyan period,” said U Zaw Aung, owner of Taite gold shop.
An ounce of gold on the world market on 11 April, prior to the Thingyan holiday period, peaked in value at $1,260 before depreciating to its lowest recent value of $1,224 on 14 April.
“Gold prices have been consistently rising on the world market during the Thingyan period for the last three or four years. As the value of the dollar is always low during this period, the appreciation in the value of Myanmar gold is not so evident. The current exchange rate is approximately K1,200 to US$1, so the price of Myanmar gold is following an appreciation in value of gold on the world market,” explained U Maw Maw, general manager of Aung Thamardi gold shop.
The value of Myanmar gold is dependent upon that of the US dollar and gold on the world market. While the value of the US dollar in April 2015, as set by the Myanmar Central Bank, was around K1,000, its value during April this year has hovered around K1,170 which has been a catalyst behind the rise in the value of Myanmar gold, gold dealers said.
Myanmar gold reached its highest value this year in February, when a tical fetched K809,500, while its lowest value, in January, was just K732,000 for the same quantity.
According to current prices on the morning of 27 April, an ounce of gold on the world market was valued at $1,245; a tical of Myanmar gold fetched K780,000, while a tical of 15-carat gold was priced at K730,000. The foreign exchange rate of the Myanmar kyat to the US dollar was K1,175 to the dollar.— Myitmakha News Agency

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