Domestic gold price reaches record high of over K1.4 mln per tical

The domestic gold price hit a record high of over K1.4 million per tical (0.578 ounces or 0.016 kilograms) with the high record of the global gold price, according to the domestic gold market.
The gold price hit US$1,683 per ounce in the world market at the end-March. The price sharply jumped to $ 1,739 per ounce on 8 April, with a significant uptick of over $ 56 in ten days. With the mounting of the international gold price, the gold price in Myanmar has also skipped to K1,411,000 per tical on 8 April from K1,375,000 per tical on 31 March, with a significant rise of K36,000 per tical in ten days. As a result, the price of gold in the domestic market touched over K1,410,000 per tical registered last February, according to the domestic gold market. Currently, the daily business of five visses or ten visses of gold is being traded in the market.
In January 2021, the domestic gold fetched the highest price of K1,336,000 per tical on 6 January. It reached the lowest price of K1,316,000 per tical on 28 January. It reached the lowest level of K1,340,000 (2 February) and the highest level of K1,410,000 (3 February). In March, the rate fluctuated between the most elevated of K1,391,000 (25 March) and the lowest of K1,302,000 (4 March), the gold traders said. The local gold price reached the lowest 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 K1,312,000 (16 November) and the lowest of K1,278,000 (28 November). In December, the pure yellow metal priced moved in the range of K1,275,000 (1 December) and K1,333,000 (28 December), according to the gold traders. With global gold prices on the uptick, the domestic price hit fresh highs in 2019, reaching K1,000,000 per tical between 17 January and 21 February, crossing K1,100,000 (22 June to 5 August), climbing to over K1,200,000 (7 August-4 September), and then reaching an all-time record high of K1,300,000 on 5 September in 2019. — NN/GNLM