Domestic Gold Price Rises In Myanmar

Myanmar’s domestic gold price has been surging to 2.01 million kyats (about 1,133.8 U.S. dollars) per tical (0.578 ounce), late yesterday, due to rising global gold price and appreciating local dollar rate, Yangon Region Gold Entrepreneurs Association Chairman, U Myo Myint, said.

“The gold price will drop back, when the Central Bank of Myanmar sells dollars in the market. Today’s rise is because of dollar rate appreciating against Myanmar kyats with 2,045 kyats per dollar in local market,” he said.

The domestic gold price has been on the rise since earlier this month, registering at over 1.92 million kyats (about 1,084.6 U.S. dollars) per tical, while the global gold price was recorded at 1,907 U.S. dollars per ounce on Mar 1.

The global gold price was scaling up to 2,018 U.S. dollars per ounce late yesterday.–

Source: NAM News Network