September 22, 2017

Price of Myanmar gold rises during last week of January

Employees of a gold jewellery shop in downtown Yangon are waiting for the customers.
Employees of a gold jewellery shop in downtown Yangon are waiting for the customers.

RISE in the prices of gold in the world market has caused the prices of Myanmar pure gold to rise to roughly around 7,000 kyats per 0.576 ounces, according to those at the Myanmar Gold Entrepreneurs Association (MGEA).
The value of one ounce of world market gold weighed in at approximately $1,100 on 22 January, increasing in value by $120 on January 27. As a result, the price of a measurement unit of 0.576 ounces of Myanmar pure gold has risen to 780,000 kyats.
“The rise in the price of Myanmar gold follows a consecutive increase in the price of gold in the world market. It’s difficult to predict whether the price will continue to rise or not. Trade though is good.” said U Zaw Aung, member of the MGEA and owner of Teite diamond and gold shop.
The price of Myanmar pure gold is dependent on rises and falls in the value of world market gold and the American dollar. The value of gold in the world market has increased again because of the stability of the dollar, subsequently causing the price of Myanmar pure gold to rise once again.
“Normally, a rise in the value of world market gold sees a fall in the value of the dollar within Myanmar. However, the value of Myanmar pure gold is of course going to rise when the value of the dollar is not as high as  it should be.” said U Maw Maw, general manager of the Aung Thamardi gold shop.
The value of 0.576 ounces of Myanmar pure gold in regard to the market price on January 27 was 780,000 kyats; 0.576 ounces of 15 carat gold was valued at 730,000 kyats, while one ounce of world gold cost $1,120,
with the dollar being valued at 1,295 kyats.

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