Price of gold drops by Ks 40,000 in one week in Mon State

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Mawlamyine, April (29)


Gold prices in Mon State have been continuously declining as a result of the military council’s dollar restrictions, as well as falling global gold prices, according to gold traders.


The price of pure gold was around Ks 2, 060,000 per tical on April 21, and it reached around Ks 2, 030,000 per tical on April 28, a decline of nearly 40,000 kyats.


A gold merchant stated the drop was caused by the military council fixing the dollar exchange rate of Ks 1,850, in addition to declining global gold prices.


Due to the Muslim celebration, there is a significant demand for gold jewelry in the local gold market, but there are few purchasers for gold bullion.


Under the NLD government, the price of gold was around 13 lakhs kyats per tical, and after the military takeover, gold prices climbed to record highs, with frequent price fluctuation.


Between August and September, the price of gold in Mon State reached a new high of 22 lakhs per tical.


News – Than Lwin Times

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