Mawlamyine, January (13)
Gold trading in the market is sluggish after the domestic gold price rebounded from around 2,700,000 kyats to almost 2,800,000 kyats per tical these days, the gold entrepreneurs told Than Lwin Times.
With the global gold price gradually rising again, the domestic gold price is rising due to high production costs in gold mining.
The global gold price has soared from around $1,820 per ounce in the previous week to $1,884 on January 12, with prices fluctuating over time.
According to a gold trader, the global political situation and high unemployment in the United States have made the gold market unstable.
There are currently few buyers of gold as a result of rising domestic gold prices, and some gold shops have stopped trading.
According to a representative of the Yangon Region Gold Entrepreneurs Association, local gold mines are unable to produce gold due to rising global gold prices, high production costs, and transportation challenges.
The gold dealers in the external market are manipulating the gold price even though the present real price of gold is less than 27 lakhs, and the military council said it will look into the matter and take action upon it.
The price of pure gold per tical reached a record high of almost 3,500,000 kyats in the final week of August last year, when the strength of the dollar increased to about 4,500 kyats.
During the NLD administration, the price of pure gold in Myanmar was only about 1,300,000 kyats per tical; however, following the military takeover, the price of gold has tripled with price fluctuation.
News-Than Lwin Times
Thanlwintimes