Myanmar's gold price unsteady due to gold rush

Myanmar's gold price is still unstable as local buyers rush to purchase the items following a recent plunge in price.

After the Water Festival, the market opened on Thursday with K668,500 (US$760) per tical but the price later rose to K691,000 (US$780) per tical in the evening due to gold hoarders.

The market first opened yesterday with K695,000 (US$790) per tical, but the price rose to K706,000 (US$805) and then to K 720,000 (US$820) within a few minutes. The price later dropped to K710,000 (US$809).

There is also a difference of K20,000 (US$22) per tical between different gold shops.

According to most gold shops, they are selling the gold around the average price of K720,000 (US$820) per tical.

Although global gold price affects Myanmar's gold price, the global gold price is steady based on the fallen price in these days while changes are seen in the Myanmar's gold market.

source: Eleven Myanmar

http://elevenmyanmar.com/business/3173-myanmar-s-gold-price-unsteady-due-to-gold-rush