Gold price, forex rate trending downward in Yangon
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NP News - Nov 18
Gold price in the Yangon gold market has been falling steadily and trading has been sluggish, according to gold traders.
Although the global gold price has reached $2,592 per ounce, trading in the local gold market is slow.
“I want to focus on 24k gold. The U.S. dollar is falling, and the global gold price is also in a downtrend. Normally, it is a market that gold buyers prefer, however there are fewer buyers. The 15k gold market stays normal,” said a gold trader on Shwebonthar Road in Yangon.
The exchange markets are now trading at 4,350 kyats per U.S. dollar, with the market price of one tical of 24k gold ranging between 5.9 million to 6 million kyats.
On November 18, the price of gold in the open market was lower than in previous weeks, but the Yangon Region Gold Entrepreneurs Association (YGEA) has set a reference rate of around 5.2 million kyats per tical.
Businessmen believe that the fall in domestic export and import activity is causing low trading in the currency and gold markets.