Gold price started to decline in Yangon
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NP News – June 30
According to information from the gold market, the gold price in Yangon that recently rocketed starts heading to downturn with per tical of 24K pure gold up to 3,400,000 MMK on 29th June.
As a matter of fact, the price for 24K pure gold per tical was ranging from 3,100,000 MMK to 3,300,000 MMK within a week.
One of the gold shop owners from Yangon remarked that “The gold price is increasing at the same pace as USD exchange rate. For now, we stop selling and buying. The gold price falls back today.”
The Yangon Gold Entrepreneurs Association announced that the exchange rate by CBM is 2100 MMK per USD and 2,250,000 MMK per tical for the pure gold.
However, the market forex rate is ranging 2900 to 3200 MMK; and therefore, the price for pure gold is 3,240,000 MMK.
The local gold shoppers are projecting the gold price and forex rate to decline.