Price of gold levels out

Burma’s Gold Entrepreneurs’ Association has announced that a balance has been met between the supply and demand of gold in the first week of December.

“There was a balance between the market demand and supply of gold at the beginning of December, firstly because gold-digging season is approaching when a large amount of gold comes into Yangon,” said Win Myint from the Gold Entrepreneurs’ Association, speaking last week to Mizzima. “Also, it is grain and bean harvesting season, so rural buyers are traditionally in a position to invest in gold.

On December 3, the opening price for one tical of pure gold decreased slightly from 771,900 (US $887) kyat to 769,500 kyat. (1 oz = 1.14 ticals).

The following morning, gold opened at 768,000 kyat and closed at 763,000. On December 5, the opening price was 764,300 kyat per tical and the closing price was 766,000.

The highest price for gold in recent weeks was on November 26 when it peaked at 780,000 kyat per tical.

“At the beginning of December, we saw some gold jewellery makers coming to the market to buy gold,” merchant Maung Thein told Mizzima. “This week, we notice that changes in price depend on traders’ sales in Yangon and Mandalay.”

Win Myint said, “Although the global price of gold has cooled somewhat this week, local prices are stable. Even if the Yangon and Mandalay wholesalers don’t sell their gold, it won’t fall in price.”

source: Mizzima
http://www.mizzima.com/business/8545-price-of-gold-levels-out.html