Mawlamyine, May (28)
Domestic pure gold prices have jumped up to 3.1 million kyats per tical in recent days due to the surge in the price of the dollar, with price fluctuation, the gold entrepreneurs told Than Lwin Times.
Gold prices surged from roughly 2,900,000 kyats following Thingyan to 3,100,000 kyats in the final week of May.
The dollar exchange rate rose from around 2,870 Myanmar kyats to 2,955 kyats on May 27.
A gold trader said that the price of gold rose after the dollar exchange rate exceeded 2,900 kyats, but it is difficult to predict due to the political situation.
The sudden rise in domestic gold prices has stopped gold buying and hoarding, and there are only a few gold sellers, and transactions are said to be stagnant.
An official of the Yangon Region Gold Entrepreneur Association told Than Lwin Times that the relevant departments are planning to take action against those who raise the price of gold based on the dollar price.
An ounce of gold has fallen to around 1,950 US dollars on the global gold market, but the price of gold in Myanmar is rapidly rising.
On May 26, the Military Council’s Central Bank declared that it wouldn’t change the reference foreign exchange rate in order to stabilize the price of the dollar, but would increase sales of foreign currency at bank exchange counters.
The price of the dollar exchange rate climbed to over 4,500 kyats during the last week of August last year, and the price of gold rose to a record high of over 3,500,000 kyats per tical.
News-Than Lwin Times