Myanmar’s gold price has dropped by about 10,000K to 703,500K (US$756) per tical (0.58 ounce) within just a few days, according to the market reports.
Dealers said this said this is because of a fall in international gold prices which plunged to $1377 per ounce at 3pm on May 17.
On May 15, the gold price in Myanmar was at a comfortable level for the dealers at 713,500 kyats (K) per tical. It however slumped 4,000K on May 16, and 6,000K on May 17.
International gold prices which used to fluctuate around $1600 an ounce started to plunge in April. On April 12, an ounce of gold was lowest priced at $1338 around the world and a tical of gold in Myanmar lowest at 670,000K ($720).
The prices later picked up around $1400 an ounce until three days ago. They dropped to $1395 on May 15, $1385 on May 16, and $1377 on May 17. This resulted in a fall in local gold price, gold dealers said.
Meanwhile, US dollar exchange price is soaring at around K930 a dollar, which was in the past below 900K. Observers said one of the reasons is the increased demand from brokers who prefer dollars to gold as they see further increase in currency exchange rate and the unstable gold prices.
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