Friday, 6 June 2014

Local gold price dropping

The price of gold foil in Myanmar is dropping by over US$10 a tical because the supply is higher than the demand.

The gold sheet has been traded at more than US$660 early May before falling to US$650 at the month’s end.

“Within a week, gold price falls by more than Ks 10,000. As it is back-to-school season, the supply of gold is higher than the demand,” said secretary of Myanmar Gold Entrepreneurs Association Kyaw Win (from Oo Htone gold shop).

The international price of gold in the third week of May was more than US$1292 an ounce, dropping to US$1257 on May 30.

The rise and fall of international gold price is related with the demands in China and India.

Myanmar’s gold market is subject to change on the internal supply and demand.

The local gold market, which saw the price soar to over US$760 a tical last year, presently sees a recorded price drop of nearly US$100.

The gold foil is traded at the price of US$651 a tical in May while 15 carat gold costs US$615 a tical.

source: Eleven Myanmar
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