Wednesday, February 6, 2013

Gold prices in Myanmar fail to rise as expected

Wednesday, 06 February 2013 18:12 | Khin Myo Thwe

The price of gold in Yangon has not risen as expected between January 31 and February 2, said a local gold merchant.

A gold merchants in Yangon. (Photo: Bo Bo / Mizzima)

“There seems to be more gold in the market this week and not much of a price gap between domestic and global prices," he said.

On February 2, the domestic gold price closed at 762,700 Kyats (US $891.59) per tical. This is down from 767,500 Kyats ($891.35) per tical on January 31.

On January 28, the global gold price was $1,755 per ounce. On February 1, it was $1,681 per ounce.

“Since Chinese New Year is close, big-hand buyers are taking a break in the market," said Ohn Thaung, another local gold merchant. "On February 1, the buyers filled up their stocks while the opening price of the gold in local was 760,800 Kyats per tical,” he said.
Related articles:
  • Imports of Chinese gold raise Burma’s gold prices
  • Price of gold rebounds slightly in Burma

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