Tuesday, January 29, 2013

Imports of Chinese gold raise Burma’s gold prices

Tuesday, 29 January 2013 00:00 Khin Myo Thwe

A Rangoon gold merchant entices customers with her wares. (Photo: Bo Bo / Mizzima)

The price of gold in Burma was higher than the international price last week, said a Rangoon gold merchant on Sunday.

“Last week, the local price of gold was a lot higher than the global price due to pure gold from China coming into the country,” he said.

“The global gold price fell by US $30 this week. So [in keeping with the usual trend], the local price should fall by 10,000 kyat ($12), but it only fell 5,000 kyat ($6), because of the import of Chinese gold to the country”, said another gold merchant, who own a gold shop on Mahabandula Road.
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