CNI News

8 October 2024

Because the price of dollar has fallen since October, 2024, some people are making comments whether the price of gold might decline. 

Although the price of gold within the country tend to fall while the price of dollar goes down, because the Central Bank of Myanmar is selling its dollars and Thai baht at present and there is somewhat domestic demand for gold, the price of gold has not fallen yet, Ko Nay Khant, a gold market analyst, told CNI News.

" The reason why the price of gold hasn't fallen is because the situation has been a balance for the time being. Traders are also interested to do their business at a time like this. Because the price goes up and go down or fluctuates, now it's convenient for them to make price speculations in the short term. Next, the Central Bank sells dollars, Chinese yuan and Thai baht in an attempt to reduce the price of gold. But on the other hand, because the speculators are doing their business depending the situation, the price hasn't fallen yet." he said.

While seeing dollar and Myanmar kyat

Because the price of pure gold reached until 80 lakh kyats per tical in the domestic market, the current price is 60 lakh kyats when there has been an increased in the number of buyers.

At present, because a war is breaking out between Iran and Israel, global gold price and prices of fuel oil could rise, have commented businessmen. So, the price of gold is less likely to go down, guesstimated some people.

However, although one percent was collected as the trade tax in gold trading in the past, because three percent are currently collected, it could impact on the demand, U Ohn Myaing, secretary of the Myanmar Gold Entrepreneurs, told CNI News.

While seeing a hump of gold

Although the value of Myanmar kyat could rise because the price of dollar falls, as the global gold price rises due to the war between Iran and Israel, the price of gold is less likely to go down, according to gold entrepreneurs and market analysts.

According to foreign exchange rates and gold market price on 7th October, the price of US dollar was 4,550 kyats per dollar while the price of pure gold was 6,350,000 kyats per tical.