Myanmar gold price rises to over 40,000 kyats in two days

According to the Yangon Region Gold Entrepreneurs’ Association, the price of one kyat of academy gold rose to 1,877,500 kyats on the afternoon of January 11.

In the evening, the price dropped to 186,000 kyats and the price per unit was 8,500 kyats. In the morning of January 10, there were only 1828,500 kyats per unit, which is more than 40,000 kyats in two days.

World Gold Market The local gold price has risen along with the local dollar exchange rate.

Today, the world gold price is $ 1,807 an ounce. It’s $ 16 an ounce higher than yesterday morning.

The value of the local dollar exchange rate in the external market was between 1920 and 1950 kyats per dollar yesterday, but today it has risen between 1950 and 1980 kyats per dollar, according to an insider.

The chairman of the Yangon Region Gold Entrepreneurs’ Association told a local media that despite the high local gold price, the current gold market is cold and the market is cold.

The team is trading gold to silver to stabilize gold prices. It is said to be controlling the gold market through conservative sales.

Domestic gold prices fluctuate between the dollar and global gold prices. It depends on the demand. In late September, domestic demand soared with the dollar, leading to a shortage of gold in the market.

The local gold price rose to more than 22 lakh kyats per kyat in late September due to the uncontrollable devaluation of the kyat after the military coup.

Then, since the end of October, the kyat has fallen below 18 lakh kyats and the kyat has been stable for several months between 1770,000 and 18 lakh kyats.

In the second week of December, the Burmese gold price, which had been stagnant for several months due to reports of raw materials arriving at Rangoon airport, returned to more than 18 lakh kyats in the second week of December.

Within a few days, the price dropped again to around 1,790,000 kyats per kyat for several days, before rising again to more than 18 lakh kyats in the third week of December.

Leave a Reply