Mawlamyine, December (3)
At the beginning of the new year of 2023, the domestic gold price is at a high of over 2,700,000 kyats, officials of the Gold Entrepreneur Association told Than Lwin Times.
In the final week of December of last year, domestic gold prices were only around 2,680,000 kyats per tical, and on January 2, the gold market opened at roughly 2,710,000 kyats per tical.
The domestic gold price has risen once again because of a slight increase in the global gold price and the increased value of the dollar.
Global gold prices are now around $1,823, up slightly from around $1,790 per ounce in the final week of December.
The dollar exchange rate was around 2,800 kyats per dollar in the last week of December, and it rose to around 2,850 kyats on January 2.
There aren’t many buyers in the sluggish gold market at the start of the new year as a result of the domestic gold price’s recent increase.
The military council is selling gold coins weighing one 1 tical, .5 tical and .25 tical with the aim of lowering domestic gold prices, but since they are being sold on the open market, the domestic gold price has not fallen as much as expected.
In the last week of August last year, the exchange rate reached a high of around 4,500 kyats per dollar, and domestic pure gold rose to a record high of around 35 lakhs per one tical.
The domestic gold price in Myanmar was over 13 lakhs per tical under NLD government, it has now tripled after the coup, with subjecting to frequent price volatility.
News-Than Lwin Times