Mawlamyine, September (6)
Although the Ministry of Natural Resources and Environmental Conservation is selling gold coins to lower the price of gold, the domestic gold market has not seen the decline in price as expected, gold entrepreneurs told Than Lwin Times.
One tical of pure gold soared to around 3.5 million kyats in the last week of August due to a stronger dollar, and the day after the military council stated that gold coins would be sold, one tical of gold fell to about 2.8 million kyats.
According to the gold entrepreneurs, gold is once again in demand, and on September 5, one tical of pure gold was being traded for about 3 million kyats.
The cost of fuel, which is mainly required in the mining of gold, is climbing, and the exchange rate is not declining, therefore the price of gold is not falling as expected.
The gold traders assert that there is a strong market demand and a limited supply for gold.
The military council has announced that one tical of gold coins is being sold for more than 19 lakhs, but Than Lwin Times has not been able to confirm the reports that customers are actually buying at a price of 2,950,000 kyats.
Before the military coup, the price of gold was only around 1.3 million per tical under the NLD government, but after the military coup, the price of gold has tripled with the price fluctuation.
News – Than Lwin Times