With gold surging in the global market, its price on the domestic market has touched a high of K1,127,000 per tical (0.578 ounce or, 0.016 kilograms), said U Myo Myint, the chair of the Yangon Gold Entrepreneurs Association.
The price of gold has increased on account of the global gold price reaching a high of US$1,431 per ounce. “At present, the domestic gold price is positively linked to the global gold price. But, there is a price gap of K20,000 between the global and the local gold market,” said U Myo Myint.
There are more sellers in the market than buyers, he said. With global gold price climbing up, the domestic price is likely to continue its upward trend, he said.