Domestic gold prices have risen by up to K50,000 over the past three weeks.
Buyers clocked that the price of gold in Myanmar was lower than in the international market, due to currency volatility, and rushed to take advantage of the opportunity, said traders. The kyat has depreciated by 24 percent this year versus the US dollar.
Local prices have also recently been pushed up by the annual decline in the supply of raw materials during the monsoon season, said general secretary of the Yangon Region Gold Entrepreneurs Association U Win Myint.
The price of academy gold in the local market rose from K719,000 per tical on August 3 to K765,000 per tical on August 29. One tical is 0.576 ounces or 0.527 troy ounces.
“Demand is high and I guess the price will continue to increase over the short term,” U Win Myint said.
The New York Gold Spot Price on August 29 was US$1135 per ounce.
Source: Myanmar Times