The price of domestic gold might continue to fall to 1 million Kyats per tical (0.578 ounce), said Ohn Myaing, General Secretary of the Myanmar Gold Entrepreneurs Association.
Pure domestic gold was sold at 1,017,000 Kyats per tical on December 3. The dollar exchange rate and fuel oil prices are currently on the downward slide. Domestic gold prices and US dollar exchange rates are directly related to the global market. With the local currency strengthening against the US dollar, domestic gold prices are likely to keep falling, according to the Association.
“It is pretty hard to predict in the local market as to whether or not pure gold prices would dip below 1 million Kyats per tical. Yet, it might fluctuate around 1 million Kyats. As Myanmar’s currency is gaining in the market, gold prices will simultaneously plunge. The price is forecast to fluctuate at around 1 million kyats”, said Ohn Myaing, general secretary of Myanmar Gold Entrepreneurs Association.
The domestic gold price was around 1,040,000 Kyats per tical in early November and, it has gradually dropped to 1,017,000 Kyats.