Mawlamyine, July (26)

The military council’s dollar restrictions have further increased the price of domestic gold to nearly 2, 200,000 kyats per tical, the gold entrepreneur association told Than Lwin Times.

The price of pure gold rose from 2,060,000 kyats on July 18 to 2,180,000 kyats per tical on July 25.

With the market instability, the prices of gold are skyrocketing because of the junta’s dollar restrictions, a gold trader said.

Due to the continuous rise in gold prices, the purchase of gold in the market has decreased, and gold trade has also been stagnant, according to gold traders.

Despite the high gold prices in the country, global gold prices dropped to 1720 USD per ounce.

In Myanmar, the price of gold rose to more than 2,200,000 kyats per tical between August and September last year when the army seized power.

The price of gold, which was around 1,300,000 kyats per tical under NLD government rose after the military coup.

News – Than Lwin Times

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