Friday, December 21, 2012

Rangoon’s gold price falls as Chinese gold enters market

Friday, 21 December 2012 15:27 Khin Myo Thwe

Rangoon’s gold merchants say that the local price of gold has this week fallen alongside global prices following the arrival of imports of pure gold from China.

“The Yangon gold market is stable,” said a spokesperson from Myanmar Gold Entrepreneurs Association. “Depending on the market, the price of gold has decreased by between 400 to 500 kyat (US $0.50) per tical.”

According to a gold merchant from Rangoon’s Lanmadaw Township: “This week, both the prices of pure gold from China and Myanmar have fallen. On December 19, pure gold from China entered the Myanmar market and it continues to arrive.”

On December 19, the global opening price for gold was US $1,672 per ounce, closing at $1,666. In Rangoon, the opening price was 763,000 kyat per tical and in the evening, it closed just up at 763,800 kyat. (1 ounce= 1.14 ticals, 1USD=840Ks)

In the previous two days, the global price had been set between $1,691 and $1,701 per ounce, while gold was selling in Rangoon for between 766,300 and 768,000 kyat per tical.

“Retailers at the [Sino-Burmese] border have the capacity to buy as well as to sell,” said Thein Aung, a gold merchant from Ahlon Township in western Rangoon.

Rangoon merchants generally say that local demand is low, and that buying is limited.
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