Against a backdrop of wild fluctuations of the gold price in the world market in October this year, the price of Myanmar’s domestic 24 carat gold price also rose and fell but not with a big margin, Myanmar gold traders said.

As for November, the global gold price rose to the highest at over US$1,770 per troy ounce in the second week of November but the domestic gold trading was sluggish and the price was stable with the US dollar exchange rate during that time, the gold traders said.

Gold traded in the Yangon market on 18 November 18 with a buying price of 2,675,000 kyats per tical (approx. 16 gm) for Academy brand 24 carat gold and 2,678,000 kyats selling price.

The gold price on the world market was at US$1,645 per ounce on 1 November and it rose to US$1,783 on 15 November, a rise of US$138 during this two-week period.

Similarly 24 carat gold was traded at 2,645,000 kyats per tical on 1 November and it rose to 2,680,000 kyats on November 15 so that it rose by 35,000 kyats per tical during this two-week period but the change in gold price was limited.

The reference gold price for the afternoon trading on 18 November was set at 2,075,000 kyats per tical by the Yangon Gold Traders Association as the gold price is US$1,762 in the world market.

The market price of gold did not fall from over 2.6 million kyats per tical despite the US dollar exchange rate fall.

The gold price is currently stable in the domestic market and the demand and supply is in an equilibrium state.

The 18 November US dollar exchange rate in the Myanmar market was between 2,920-2,950 kyats per dollar and it was between 3,000-3,030 kyats in the first week of November, so there has been a slight fall.