Gold prices continue downturn in domestic market

0
229

Mawlamyine, 28 September

Local 24k gold price, which had risen to above 3.8 million kyats per tical, has been steadily dropping since the last week of September, gold entrepreneurs told Than Lwin Times.

Domestic gold prices reached a record high of more than 3.8 million kyat per tical after the military council issued new 20,000-kyat banknotes, but have since dropped to more than 3.3 million kyat.

According to a Yangon Region Gold Entrepreneur Association official, the price of domestic gold has gone down due to the continual decline in global gold prices and low domestic demand.

Furthermore, if the global gold price and local demand remain unchanged, the price of gold may decrease until December, and if the price of the dollar falls again, the price of gold may also drop, he added.

The global gold price, which was around 1,950 USD per ounce in the last week of August, is now falling to almost 1,890 USD per ounce.

“Because of the drop in the domestic gold price, gold transactions in the market have stagnated, and the military council frequently conducts unexpected inspections,” a gold entrepreneur told Than Lwin Times.

On the other hand, the military council has been arresting and investigating money changers and revoking business licenses in an attempt to lower commodity prices, as well as inspecting gold traders.

Furthermore, the military council sold gold coins and forced gold entrepreneurs to sell gold at a lower price, but domestic gold prices are still out of control.

The domestic gold prices in Myanmar was just around 1.3 million kyat per tical under NLD administration, but following the coup, the price of gold have tripled, with price fluctuation.

News-Than Lwin Times

Photo-CJ

LEAVE A REPLY

Please enter your comment!
Please enter your name here