By Yoon Sat - May 27, 2024
According to the Yangon gold traders, Myanmar gold price have rose to a record high; 1 kyat thar (16.6g) of gold of over 53 lakhs in May 27 evening.
“It was just 52 lakhs in the afternoon 1:00 pm and it became 53 lakhs in 4:30 pm. It increase 1 lakh just in an evening. World gold price may seems a bit decline but the dollar price are racing so I am not sure weather the gold price will decline again but it just my opinion,” said a market researcher.
1 oz of gold in global market cost 2,442 kyats but in Myanmar 1 kyat thar cost more than 51 lakhs. In May 25 evening, 1 oz of gold in global market cost 2,334 kyats but in Myanmar, 1 kyat thar cost 5,240,000 kyats, 5,230,000 kyats on May 26th and more than 53 lakhs in evening of May 27.
Therefore, the gold manufacturers are currently suspend selling gold by pieces and the market is quiet for now.
The closing price of the Yangon Region Gold Industry Association in the evening of May 27th 2024 for academy Mee Lin Gold is 3,999,300 kyats and the price in real market is 5,300,000 kyats for Akhauk gold. The currency rates are between 4,200 and 4,300 kyats for a dollar.
