CNI News
19 November, 2024
Local price of pure gold has fallen to 59.3 lakh kyats per tical on 19th November from over 60 lakh kyats, according to the gold market.
As the Central Bank is selling the US dollars to the financial market, the price of dollars has decreased and the global price of gold has fallen and so has the local price of gold.
According to the current situation, there has been no prospect that could make the price of gold rise, chairman of the Yangon Gold Entrepreneurs Association, U Myo Myint told CNI news.
" The price of the dollar has fallen. It's partly possible because the Central Bank sells dollars and the global price of gold has decreased as well. And the demand for gold has declined. The price of gold might fall any more. There is no prospect that can make the price of gold rise." he said.
Local price of pure gold was 61 lakh kyats on 13th November and 59.8 lakh kyats on 14th November and 59.3 lakh kyats on 19th November.
The global price of gold was 2,754 dollars in early November and then the price gradually fell and the current price is only 2,618 dollars.
While seeing gold jewelries
In the same way, the local price of dollars is 4,400 kyats per dollar because the Central Bank sells dollars.
Because the local price of gold had declined, although transaction of gold bars had stopped, gold was regularly being sold or bought as jewelry, added U Myo Myint.
" Gold is regularly being sold and bought in the local market. Although the trade of gold bars can be stopped, gold shops are regularly selling jewelry partly because now is the donation ceremony season. Those who have bought gold at 85 lakh kyats due to rumors don't want to sell their gold when the price is low at a time like this." he said.
Local price of gold rose until 85 lakh kyats per tical, record breaking price and then it fell to 65 lakh kyats.
After that, the price fell to 61 lakh kyats from 65 lakh kyats.
It was stable for about two months. However, the price fell to less than 60 lakh kyats.
The gold market has been stagnant for the time being because traders are waiting to buy gold as the price could decline again.
