WITH gold prices sliding in the global market, the price of the yellow metal in the domestic market plummeted yesterday to K1.173 million per tical (0.578 ounces, or 0.016 kilograms) from K1.217 million listed on 1 November, a decline of around K450,000, according to gold traders.
The domestic gold price is positively related to the global gold price. Global prices were pegged at over US$1,500 per ounce on 1 November and then, they fell to $1,456 on 28 November due to a drop in demand from China, according to the gold market. In early September, the price of pure gold crossed K1.3 million per tical in the domestic market, tracking global cues and rumors in the local banking industry.
Then, it dropped to K1.2 million on 1 November and K1.17 million on 28 November as gold prices in the global market dipped and the local currency was stable against the dollar in the internal forex market, according to Yangon Region Gold Entrepreneurs Association.
With global gold prices on the uptick, the domestic price hit fresh highs this year, reaching K1,000,000 per tical between 17 January and 21 February, crossing K1,100,000 (22 June to 7 August), climbing to 1,200,000 (7 August-4 September), and then reaching a fresh peak of K1,300,000 on 5 September. — GNLM (Translated by Ei Myat Mon)
