THE price of precious yellow metal increases again to nearly K1.9 million (0.578 ounce, or 0.016 kilogramme), according to the Yangon Region Gold Entrepreneurs Association (YGEA).
The global gold price stands at US$1,853 per ounce. The US dollar exchange rate is approximately at K1,990 in the local forex market at present. Meanwhile, the pure gold fetches up to K1,893,000 per tical.
Tracking the Kyat depreciation against the US dollar and rise in the global gold market, the gold prices in the domestic market remains on an upward trend, YGEA Chair U Myo Myint stated.
Only when Kyat strengthens against the US dollar in the local forex market and the global gold price slides can the domestic gold price fall, U Myo Myint was quoted as saying.
The domestic gold price is highly correlated with the global gold price and the local currency value.
Last 28 September 2021, a dollar value hit an all-time high of over K3,000 in the black market and consequently, the pure gold reached a record high of K2.22 million per tical in history.
Under the guidance of the Central Committee on Ensuring Smooth Flow of Trade and Goods, the Monitoring and Steering Committee on Gold and Currency Market was formed on 17 December 2021 as gold and currency market stability play a crucial role in trade facilitation.
The objectives of the committee are inspecting and prosecuting market manipulation, checking if there is compliance to payment rules or not, proceeding against those unscrupulous traders who intend to interfere with the free and fair operation of the market under the existing laws, by-laws and regulations in line with the official directives, illegal procurement of foreign currency, illegal trade and taking legal actions against price manipulators.
Furthermore, the officials concerned will crack down on those people involved in charging a percentage for money withdrawals at banks as shadow money.
The prices of gold elevated to K1,885,000 per tical (25 January 2022) and plunged to the lowest of K1,824,500 (6 January) this year.
In January 2021, the gold price was ranged between the minimum of K1,316,000 per tical (28 January) and the maximum of K1,336,000 per tical (6 January). It reached an all-time high of K1,410,000 per tical on 3 February and hit the minimum of K1,340,000 per tical on 2 February. In March, the rate fluctuated between the highest of K1,391,000 (25 March) and the lowest of K1,302,000 (4 March). The price was registered the highest of K1,455,000 (30 April) and the lowest of K1,389,000 (1 April). The price reached an all-time highest of K1,709,000 (12 May) and the lowest of K1,447,000 in May. The price moved in the maximum of K1,575,500 (11 June) and the minimum of K1,543,000 (19 June). It fluctuated between K1,562,300 (26 July) and K1,587,000 (K1,587,000). The price of gold reached the lowest of K1,572,800 (3 August) and the highest of K1,698,000 (31 August). It was recorded the lowest of K1,703,500 (1 September) and edged up to K2,220,000 (28 September). The price was ranged between K1,768,500 (27 October) and K2,030,000 (1 October). It elevated to K1,810,000 (6 November) and plunged to K1,768,500 (24 November). It was traded between K1,768,500 (6 December) and K1,823,000 (29 December), the gold traders said. — NN/GNLM