August 19, 2016

Price of Myanmar gold fluctuated greatly during last week of February

Golden jewelleries are displayed at a shop in Yangon. Photo: Aye Min Soe
Golden jewelleries are displayed at a shop in Yangon. Photo: Aye Min Soe

THE price of Myanmar gold is experiencing a great deal of fluctuation during the last week of February because of the fall in the value of gold on the world market, according to local gold shopkeepers. The highest value of one ounce of world market gold in the third week of February was $1,230 but it has fallen to $1,217 in this last week of the month. As such, the value of Myanmar pure gold has followed a similar downward trajectory, with one tical (0.576 ounces) fetching K803,000 during the third week of February, down to K798,000 for the same weight during this final week of the month.
“As the price of world market gold is unstable, one can’t say going forward whether it’s going to appreciate or depreciate. It’s said that it’s slightly losing value at the moment but it could rise straight back up. It’s difficult to estimate anything at the moment.” said U Zaw Aung, owner of Taite gold shop and member of the Myanmar Gold Entrepreneurs Association (MGEA). It is known that the value of Myanmar pure gold is fluctuating but that is hasn’t dented the trading of gold, which is continuing on as per normal fashion.
“In the morning the Asia market will see that the price of gold has depreciated. By the evening one can’t say whether the price of gold has increased back in value in the European market or not. The current market situation [of gold] though is facing a downward trend.” said U Maw Maw, general manager of the Aung Thamardi gold shop.
In regard to how the markets fared on the evening of 22 February, the price of a tical of Myanmar pure gold fetched K795,000; a tical of 15 carat gold valued K750,000; an ounce of gold on the world market cost $1,215 while $1 bought K1,247, according to gold shopkeepers.


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