Gold prices likely to continue to slide

11 June 2019
Gold prices likely to continue to slide
Myanmar vendors arranging a display of gold jewellery at a jewellery shop at Chinatown in downtown Yangon. Photo: AFP

The price of gold globally is likely to continue its slide in the domestic market, said U Ohn Myaing, General Secretary, Myanmar Gold Entrepreneurs Association, State media reported.

The prevailing price of gold in the domestic market is around K1,066,200 per tical (0.578 ounces), while gold is priced around US$1,327 per ounce in the global market.

“Pure gold was priced at K1,070,200-1,070,300 per tical last Monday and now, it has dropped to K1,066,200. Global gold prices are expected to cool slightly. Therefore, local gold price may pull back. In addition, the domestic gold market remains cool,” said U Ohn Myaing.