August 20, 2016

Value of Myanmar gold reaches historic high

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

A TICAL (0.576 ounces) of Myanmar gold appreciated to its highest value in history on Thursday fetching K812,000 — a result of the rise in value of gold on the world market, according to those involve in the domestic gold industry.
An ounce of world market gold on June 15 valued at US$1,280 before appreciating to US$1,302 the following day. The price of a tical of Myanmar gold subsequently followed the same trend, rising in value from K800,000 to K812,000 on Thursday.
“It’s the highest value [of gold] in Myanmar’s history. The unforeseen rise in world market gold pushed up the value of Myanmar gold. People are hesitant to purchase gold products currently as a result. “ said U Zaw Aung, owner of Taite Gold Shop.
In the period between 2010-15, the highest ever value of a tical of Myanmar was reportedly K802,000. But this record has since been surpassed this June with the appreciation of gold on the world market.
“It would be normal for the [US] dollar to depreciate in value at this time [of year]. But the dollar has remained stable, another factor contributing towards the increase in value of Myanmar gold. It would be difficult for the value of Myanmar gold to see a quick decline, due to high purchasing demand combined with a lower production rate caused by the arrival of the rainy season.” explained U Maw Maw, general manager of Aungthamardi Gold Shop.
The value of gold on the world market started to appreciate from US$1,200 an ounce on 4 June to US$1,240. While the last two weeks have reportedly seen an increase by around US$100.
In regard to the position of the markets in the afternoon of 16 June 2016, a tical of Myanmar gold valued at K812,000; a tical of 15 carat gold fetched K760,000; an ounce of gold on the world market priced US$1,309 while the MMK — USD exchange rate valued approximately K1,190 to US$1.


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