On September 20, local gold price broke the high record of 1,039,500 Kyats per tical due to high dollar exchange rate. A tical is equivalent to 16.6 grams. Local gold price began to increase continuously from 1,005,500 Kyats on September 18 as one of the inevitable consequences of high dollar price. On September 19, the opening price for a tical of high purity gold in Yangon was 1,012,000 Kyats and had increased to 1,018,000 Kyats by noon, said Win Myint, secretary of Yangon Region Gold Entrepreneurs Association.
“International gold prices are not increasing but the Myanmar gold price is rising because of high dollar exchange rate. Domestic gold prices will continue to be volatile as long as the dollar continues appreciating,” said Kyaw Win, Chairman of Myanmar Gold Entrepreneurs Association. The highest local gold prices during last three months prior to this were 939,500 Kyats on June 15, 950,500 Kyats on July 26 and 985,000 Kyats on August 28.
