Yangon, 18 November
Domestic gold price rose to nearly 3.8 million kyats per tical due to the internal conflict and the fluctuation of the dollar value, gold entrepreneurs told Than Lwin Times.
The price of gold rose slightly due to the slight strengthening of the dollar price, increased demand for gold in the market, and regional instability.
Domestic gold prices rose to nearly 3.8 million kyats on November 17 from around 3.4 million kyats at the end of last month.
Gold hoarding is on the rise, with some stores running out of stock.
The junta-controlled Yangon Gold Entrepreneurs Association announced on November 16 that it will take effective action against those who spread false information that raises gold prices, as well as those who buy and sell gold via Facebook and Viber.
Gold traders believe that the price of gold is affected by the price of the dollar and that if the dollar price cannot be controlled, the price of gold may rise again.
The price of domestic gold, which was only around 1.3 million kyats during the NLD government, has tripled now under the military regime, with frequent price fluctuations.
News-Than Lwin Times