CNI News
9 September 2023
Domestic gold price is gradually falling and now in the second week of September, the pure gold price has fallen 200,000 kyats per tical (1 tical=16 grams).
So, gold sellers have outnumbered gold buyers, according to the Yangon gold market.
Because the international gold prices tend to fall down during the period from September to December, domestic gold price also has declined and can decline anymore, said U Myo Myint, chairman of the Yangon Region Gold Entrepreneurs Association (YGEA), to CNI News.
" Gold sellers have increased. When the gold price went up in the past, a lot of people buy gold at the same time. Now when the gold price is falling, a lot of people sell their gold at the same time. The period from September to December is the season that gold price falls. When everyone makes annual accounts in December, the transactions are reduced. Those who have to sell gold, they sell all gold. It is a custom of the whole world. Gold sellers outnumber gold buyers. So, the gold price can fall anymore." said U Myo Myint.
Some goldware
The current domestic gold price was 3.76 million kyats per tical on 5th September and reduced to 3.66 million kyats per tical on 6th September. The price reduced to 3.45 million kyats per tical on 8th September again.
Gold price was almost 4.00 million kyats per tical and the current price is just a bit over 3.00 million kyats per tical. The price may fall until 3.3 million kyats, said Ko Ne Lin Khant, a gold market analyst, to CNI News.
" The price can reduce to 3.3 million kyats. But it is less likely to reach under 3.3 million kyats. If the price is too low, how much will gold shops sell and how much will they buy back? For the time being, gold sellers outnumber gold buyers. There are the people who try to make gold price high or low at present. We don't like that sort of thing. We like regular trading." he said.
Although the gold price falling is good, there are gold traders and gold entrepreneurs who are waiting to make speculations, taking advantage of gold price falling. So, it is necessary to regulate not to make gold price higher again, said gold market analysts.
Because the price of gold affects other commodity prices, gold trading should be performed carefully, pointed out gold market analysts
