DOMESTIC prices of gold reached K1,569,000 per tical (roughly 16.33 grammes) on 23 July while the international gold price was around US$1,803 per ounce, according to the domestic gold traders.
The trading of the domestic gold market has been cooling these days due to the health issue in Myanmar. The domestic gold price has also significantly dropped, with instability in the global gold price and the US dollar exchange rate, said U Myo Myint, the chair of Yangon Gold Entrepreneurs Association (YGEA).
YGEA is taking necessary measures to stabilize the gold price as per the instructions of the bureau of special investigation, according to an announcement of YGEA issued on 17 May.
At present, the association has closed the gold trading to be able to make steady the gold price and urged its members to deal only in a cash transaction for the purchase of the gold. Moreover, those illegal importers and those who practise overtrading with negligence will face serious legal action.
Meanwhile, the local dollar exchange rate was at K1,647 per dollar on 23 May but it plummeted to K1,644 per dollar on 24 May, a drop by K2 per dollar a day.
In January 2021, domestic gold fetched the highest price of K1,336,000 per tical on 6 January. It reached the lowest price of K1,316,000 per tical on 28 January. In February, it got the lowest level of K1,340,000 (2 February) and the highest level of K1,410,000 (3 February). In March, the rate fluctuated between the most elevated of K1,391,000 (25 March) and the lowest of K1,302,000 (4 March). In April, the rate touched the lowest level of K1,389,000 (1 April) and the highest level of K1,455,000 (30 April), In May, the highest gold rate was recorded at K1,709,000 (12 May) and the lowest price was K1,447,000 per tical (3 May), gold traders said.
The local gold price reached the lowest level of K1,310,500 (2 September) and the highest level of K1,314,000 (1 September). In October, the rate ranged between K1,307,800 (30 October) and K1,316,500 (21 October). The rate fluctuated between the highest of K1,312,000 (16 November) and the lowest of K1,278,000 (28 November). In December, the pure yellow metal priced moved in the range of K1,275,000 (1 December) and K1,333,000 (28 December), according to the gold traders.
With global gold prices on the uptick, the domestic price hit fresh highs in 2019, reaching K1,000,000 per tical between 17 January and 21 February, crossing K1,100,000 (22 June to 5 August), climbing to over K1,200,000 (7 August-4 September), and then reaching an all-time record high of K1,300,000 on 5 September in 2019.
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