Gold price reaches K2,060,000

The closing price of gold in Yangon last week was K15,000 higher than the opening price this week, and the price is K2,060,000, according to Yangon Region Gold Entrepreneurs Association.
On 18 July, the closing price of academy gold was K2,060,000 while the global gold price was $1,718 per ounce and K1,850 per dollar.
“The opening price is K2,060,000 today. The price was K2,045,000 last Friday and it rose by K15,000. Some are waiting for the time to get a good price for selling their gold. The wholesale price is different,” said goldsmith Ko Khine Htut Win.
On 16 July, the closing price of academy gold was K2,045,000 while the global gold price was $1,707 per ounce and K1,850 per dollar.
“The gold price is stable on the religious significant days. The global gold price dropped. The exchange rate was high and the gold price is rising,” said YGEA Chair U Myo Myint.
As the production costs are high in gold mining industries and the gold price is still up.
In Tanai and Chipwe gold mines, the gold price was about K1.3 million per tical in the past and now it is K1.9 million. In the production sector, the price of diesel was K300,000 per barrel and now jumped up to K700,000 per barrel.
Although the gold production in the gold mining industry is low, there may not be a shortage of raw gold for sellers. Moreover, the gold import will not affect the local gold market. — TWA/GNLM