Mawlamyine, April (7)
With the global gold price rising again, the local gold price currently stands at close to three million kyats per tical, making the gold market stagnant, the gold entrepreneurs told Than Lwin Times.
As the United States increased its bank interest rates, the global gold market as well as stock markets were in turmoil, and foreign banks were buying and hoarding gold, causing the price of gold to rise.
The price of gold surged by over 70 dollars in just two days, from around 1950 US dollars per ounce on April 4 to around 2020 dollars on April 6.
The local gold price has climbed by almost 40,000 kyats per tical due to the surge in global gold prices, ranging from about 2,930,000 kyats to more than 2,970,000 kyats per tical.
The market has been stagnant after gold prices rose due to the impact of US banks’ increased interest rate and policy changes, a gold trader told Than Lwin Times.
At present, with the continuous increase in global gold prices, the local gold price changes rapidly over time, and it is difficult to predict a stable price.
An official of the Yangon Gold Entrepreneur Association said that although transactions in the local gold market are stagnant, there are speculators, and the department is going to take action against them.
On the other hand, in order to lower the domestic gold prices, the military council sold gold coins weighing one tical, 0.5 tical, and 0.25 tical, but because they were only sold at the price in the external market, the price of gold did not fall as much as expected.
The global gold price reached a record high of around 3.5 million kyats per tical in August of last year with price fluctuation occurring every day.
News-Than Lwin Times