December 15, 2016

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One tical of Myanmar gold tips over K800,000 mark

Golden jewelleries are displayed at a shop in Yangon.
Golden jewelleries are displayed at a shop in Yangon.

Gold shopkeepers said a slight rise in the price of gold on the world market on 24 February has tipped the value of one tical (0.576 ounces) of Myanmar pure gold over the K800,000 mark.
An ounce of gold on the world market on 24 February increased in value to US$1,230 from the previous day’s value of $1,220, resulting in the price of one tical of Myanmar pure gold rising from K798,000 on 23 February to K802,000 the following day.
“The price of Myanmar gold has risen back up in the last couple of days because of the increase in the value of gold on the world market. It’s difficult to estimate the trajectory of the value of gold for the coming months because of its current fluctuations,” said U Zaw Aung, a member of the Myanmar Gold Entrepreneurs Association (MGEA) and owner of the Taite gold shop.
The price of Myanmar gold is dependent upon the value of the US dollar and the value of gold on the world market, and while the price of Myanmar gold is currently rising, it has not affected trading.
“The price of world market gold is up, and the dollar is down. Myanmar pure gold has followed the same trend as world market gold, increasing in value. That said, the buying and selling of gold is proceeding as normal,” said U Maw Maw, general manager of the Aung Thamardi gold shop.
The second week of February showcased the extent of current fluctuations in the value of a tical of Myanmar pure gold, peaking at K803,000, with the lowest value recorded that week being K791,000.
On 24 February, a tical of Myanmar pure gold was valued at K802,000; a tical of 15-carat gold cost K752,000; an ounce of gold on the world market fetched $1,230; while $1 bought K1,245, according to gold shopkeepers.

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