Pure gold price soars to K1.646 mln per tical on 11 May, up by K300,000 over past 3 months

THE domestic gold price hit fresh new peaks in the bull market and soared to K1,646,000 per tical (0.578 ounces, or 0.016 kilograms) on 11 May. The figure showed a remarkable increase of K306,000 over the past three months, according to Yangon Region Gold Entrepreneurs Association (YGEA).

The price of precious pure yellow metal stood at only K1,340,000 per tical on 2 February. Then, it tremendously rose above K1,646,000 per tical on 11 May.

The domestic gold price is still bullish as the international gold price. The US dollar continues upward trend, said U Myo Myint, chair of YGEA.

On 11 May, the global gold price stood at US$1,837 per ounce, while a US dollar exchange rate scaled up to the peak of K1,710 in the local forex market.

YGEA has urged the members to run cash-only for the gold transaction.

“At present, digital payment through mobile banking, KBZPay and other digital platforms are not available due to the long queue to withdraw the cash at the banks. Only the transaction with immediate cash payment is accepted,” U Myo Myint elaborated.

The gold price was ranged between K1,316,000 per tical (28 January) at the minimum and the maximum of K1,336,000 per tical (6 January). It reached an alltime 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 has registered the highest of K1,455,000 (30 April) and the weakest of K1,389,000 (1 April), the gold traders said.

According to gold traders, the local gold reached the lowest level of K1,310,500 (2 September) and the highest level of K1,314,000 (1 September). In October, the rate ranged between K1,307,800 (30 October) and K1,316,500 (21 October). The rate fluctuated between the highest of K1,317,000 (9 November) and the lowest of K1,270,000 (30 November). In December, the pure yellow metal priced moved in the range of 1,280,000 (1 December) and 1,332,000 (28 December).

With global gold prices on the uptick, the domestic price hit fresh highs in 2019 to reach K1,000,000 per tical between 17 January and 21 February. It exceeds K1,100,000 (22 June to 5 August), climbing to over 1,200,000 (7 August-4 September). And then, it reaches a record high of K1,300,000 on 5 September 2019. — NN/GNLM