The local gold price, along with the dollar and world gold prices, rose to 188,000 kyats per kyat on the morning of January 20.
In the past, gold prices rose sharply due to a lack of trust in the kyat, but now gold prices are soaring in the gold market due to a slump in dollar prices, according to gold market insiders.
Global gold prices, which have been volatile since the third week of December, rose to $ 1,839 a troy ounce this morning.
The world price of one tri-ounce of gold was just $ 1,812 yesterday, up nearly $ 30 a troy ounce.
The exchange rate between the kyat and the dollar was 1786 kyats today, January 20, but in the external market it was trading between 1970 and 2000 kyats, according to market insiders.