Global gold prices may fluctuate sharply, but gold prices in Burma are expected to fluctuate slowly, according to gold market observers.
According to data released by the Yangon Division Gold Entrepreneurs Association, the world gold price was US $ 1,797 an ounce on the morning of February 2 earlier, while the local academy gold price was 188,000 kyats per kyat. Two weeks later, on the morning of February 15 (12 noon), the world gold price was US $ 1,878 per ounce, while the local academy gold price was 19,300,000 kyats per ounce.
As a result, in two weeks, the world gold price rose to $ 81 an ounce, while the local academy gold price rose only 22,000 kyats per kyat.
Today, February 16, at 2:30 pm, the world gold price dropped to US $ 1,854 an ounce, and the local academy gold price was 18,895,000 kyats per kyat. As a result, in two weeks, the world gold price fell to US $ 24 an ounce and the local academy gold price fell to 13,500 kyats per kyat.
Asked if the rapid rise or fall in global gold prices would have an impact on domestic gold prices, a gold market expert said: The main issue is Ukraine and Russia. World gold and oil prices have risen due to their competition. So, depending on the world gold price, the Myanmar gold price will go up. Even so, owning one is still beyond the reach of the average person. Myanmar’s gold market has been slowly following. In the price range from 187,000 to 80,000 to 19,800,000, the price of Burmese gold went up between 35,000 and 40,000. The world gold price went up from under $ 1,800 to around 1880. So the rate of global gold prices is very high. We, the Myanmar gold price, have risen steadily. He did not fall because of the restraint. It will fall back with restraint. The ups and downs are rough. So if you go up and down slowly, you will go down slowly, ”he told DVB.
Regarding the current trading situation in the market, a gold trader said, “When the price went up, the purchases were not as good as expected. The gold price went up steadily because it did not meet expectations. It goes up as much as you need to buy and sell. And the domestic gold price is not as volatile as the global gold price. Because it doesn’t fall, it depends on demand. It means supply is balanced. When prices plummet, prices plummet. Now it is time to buy. Sales are mixed. It is balanced because it is balanced. “As a result of the restraint, prices have not fluctuated or fluctuated.”