Domestic gold prices not falling as expected despite continuous decline in global gold prices

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Mawlamyine, September (24)

Despite the fact that the price of gold is declining globally, the price of gold has not dropped as much as expected due to low demand in the gold market in Myanmar. Instead, the price is stood at around Ks 2,700,000, the gold entrepreneurs said.

An official of the Yangon Region Gold Entrepreneur Association said that the price of gold has decreased due to fewer buyers in the country, but the price of gold will remain at the current price.

The domestic gold price is expected to remain around Ks 2,700,000, and gold traders believe that the price of gold will fall only when the value of the dollar declines.

The gold industry has said that the price of gold has not fallen as much as expected, although the military council is selling three types of gold coins weighing 1 tical, 0.5 tical, and 0.25 tical only in Nay Pyi Taw at the open market price in order to lower the price of gold.

In the last week of August, the price of pure gold rose to a record high of around 3,500,000 kyats per tical, along with the high dollar price.

In Myanmar, the price of pure gold was around 1,300,000 kyats per tical under the NLD government before the military coup, but after that, it has tripled with frequent price volatility.

News – Than Lwin Times

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