Yangon gold market resumes trading; pure gold price stands at K2,074,000 per tical

April 21


YANGON gold market has resumed trading, and the pure gold is priced at K2,074,000 per tical (0.578 ounce or 0.016 kilogramme), according to the Yangon Region Gold Entrepreneurs Association (YGEA).


The pure gold fetched K2.041 million per tical on 7 April prior to the market holidays. The figures reflected an increase of K30,000 per tical within two weeks. The global gold price stands at US$1,943 per ounce at present. Meanwhile, the Central Bank of Myanmar’s reference exchange rate is K1,850.


Gold transactions must be undertaken depending on the CBM’s reference exchange rate, as per the YGEA’s urgent meeting held on 8 April.


The YGEA’s office is closed during the Thingyan holidays between 9 and 17 April. Therefore, the data on the daily gold price was not released. The YGEA did not fix the price on 18 and 19 April either.


Under the provisions stipulated in sections 11, 12 and 13 of the Foreign Exchange Management Law, the foreign exchange earned by locals in Myanmar must be deposited in accounts at the authorized dealers and exchanged for the local currency at the Central Bank of Myanmar’s reference rate of K1,850 by within one working day, according to the notification released on 3 April.


The US dollar stands at K2,000 in the unofficial black market. The domestic gold price is highly correlated with the global gold price, YGEA stated.


During the end of September 2021, a dollar value hit an all-time high of over K3,000 in the gold exchanges and consequently, the pure gold reached a record high of K2.22 million per tical in history. — NN/GNLM