Mawlamyine, July (19)
Although the global gold price is continuously falling, the domestic gold price is rising again due to the continuous rise in the dollar exchange rate, the officials of the Gold Entrepreneur Association told Than Lwin Times.
The global gold price, which was $1,800 per ounce in the first week of July, fell to $1,700 on July 18.
Despite the drop in global gold prices, the dollar exchange rate in the domestic dollar market has jumped to 2,400 kyats.
With the increase in the domestic dollar exchange rate, the price of pure sold gold rose from 2,045,000 kyats to 2,065,000 kyats per tical.
In addition, he said, the price of gold has skyrocketed because the cost of gold production has risen exorbitantly after the military coup.
Due to the continuous rise in domestic gold prices, the purchase of gold in the market has decreased significantly, and gold trade has also been stagnant, according to gold traders.
Under the NLD government, the price of gold was around 1,300,000 kyats per tical, but after the military coup, it rose to 2,000,000 kyats with frequent price volatility.
News – Than Lwin Times