Gold price dips below K1.2 mln in domestic market tracking global cues

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Gold jewelry seen at shop in downtown Yangon.  Photo: Phoe Khwar

With gold prices sliding in the global market, the price of gold has plunged below K1.2 million per tical (0.578 ounces or, 0.016 kilograms) in the domestic market for the first time since 7 August, according to gold traders.
In early September, the price of pure gold crossed K1.3 million per tical in the domestic market, and then, it dropped to K1.188 million on 12 November.
The domestic gold price is positively related to the global gold price. Global prices were pegged at over US$1,500 per ounce on 1 November and then, they fell to $1,453 on 12 November, according to the gold market.
The domestic gold price has remained above K1.2 million per tical since 7 August, rising to a record high of K1.3 million on 5 September, said gold businessmen.
With global gold prices on the uptick, the domestic price has hit fresh highs this year, reaching K1,000,000 per tical between 17 January and 21 February, crossing K1,100,000 (22 June to 7 August), climbing to 1,200,000 (7 August-4 September), and then reaching a fresh peak of K1,300,000 on 5 September.
According to gold traders, the lowest price for gold in June was K1,099,000 (1 June) and the highest was K1,149,400 (31 June). In August, the gold price touched the lowest level of K1,142,000 on 1 August and the highest level of K1,260,500 on 29 August. In September, the price moved in the range of K1,223,800 (14 September) and 1,307,000 (5 September). Last month, it reached the lowest level of K1,211,500 on 1 October and the highest level of K1,229,000 on 10 October, according to gold traders.

By Nyein Nyein(Translated by Ei Myat Mon)

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