WITH gold prices touching a record high in the global market, the price of gold in the domestic market is on the rise, but the market has cooled, according to U Ohn Myaing, the general secretary of the Myanmar Gold Entrepreneurs Association.
“The market has been cool. The global gold price has maintained an upward trend on the back of a risky geopolitical environment and political instability. North Korea’s missile tests, Hong Kong’s city-wide strike and street protest, and other global cues are contributing factors to the sharp rise in the gold market. The domestic gold price is positively linked to global gold prices,” said U Ohn Myaing. Earlier, when the global gold prices had dipped below US$1,500 per ounce, the domestic price had dropped to K1,210,000 pertical (0.578 ounce or, 0.016 kilogram), according to the domestic gold market.
Gold prices were pegged at $1,525 per ounce in the global market yesterday afternoon, while the domestic price remained above K1.2 million pertical.
To stabilize the gold price and govern the gold market, the Myanmar Gold Entrepreneurs Association held a discussion on 9 August with regional and state gold entrepreneur associations. The associations pointed out that the local gold price will continue to rise, tracking global gold prices.
On 22 June, the price of pure gold crossed K1.1 million pertical, and it reached a new peak of over K1.2 million on 7 August.
With prices on the rise, the YGEA has already warned its members of legal action if any fraudulent case is detected against them. Furthermore, traders have been asked to make payments at once, according to the YGEA.
With global gold prices on the uptick, the domestic price has hit fresh highs this year.
According to gold traders, in the month of January, the domestic gold price reached its lowest level of K1,043,4000 on 1 January, and the highest level of K1,061,000 on 31 January. It touched a low of K1,058,400 on 2 February and a high of K1,087,300 on 20 February. In March, the lowest price recorded was K1,048,600 (30 March) and the highest was K1,069,000 (21 March). In April, gold prices registered a low of K1,037,200 on 24 April and a high of K1,054,700 on 11 April. The lowest price for gold in May was K1,035,200 (2 May) and the highest was K1,059,200 (14 May). In June, gold prices touched the lowest level of K1,055,000 on 1 June and the highest level of K1,125,500 on 25 June. Last month, the prices moved in the range of K1,099,000 (1 July) and 1,149,400 (31 July).
(Translated by Ei Myat Mon)
