Association reported that on January 11, the price of one kyat of academy gold increased to 1,877,500 kyats. This was a rise of more than 40,000 kyats in just two days.
The price per unit dropped to 8,500 kyats at 186,000 kyats in the evening. There were only 1828,500 kyats per unit on January 10 morning, which is more than 40,000 kyats in two days.
World Gold Market The local dollar exchange rate has risen in tandem with the local gold price.
Today, the world gold cost is $ 1,807 an ounce. It is up 16 cents per ounce from this morning.
Ad powered. Plus, according to an insider, the external market value of the local dollar exchange rate was between 1920 and 1950 kyats per dollar yesterday. Today, however, it has increased between 1950 and 1980 kyats per dollar.
According to the chairman of the Yangon Region Gold Entrepreneurs’ Association, the current gold market is cold despite the high local gold price.
To keep gold prices stable, the team is trading gold for silver. The gold market is said to be under its control thanks to prudent sales.
The dollar and global gold prices influence domestic gold prices. It is contingent on demand. In late September, homegrown interest took off with the dollar, prompting a deficiency of gold on the lookout.
Due to the uncontrollable devaluation of the kyat that followed the military coup, the local gold price reached more than 22 lakh kyats per kyat at the end of September.
Then, at the end of October, the kyat fell below 18 lakh kyats, remaining between 1770,000 and 18 lakh kyats for several months.
The Burmese gold price returned to over 18 lakh kyats in the second week of December, after having been stagnant for several months due to reports of raw materials arriving at Rangoon airport.
The price dropped once more within a few days to approximately 1,790,000 kyats per kyat for a few days before rising once more to over 18 lakh kyats in the third week of December.