This is despite the fact that Myanmar’s gold prices are slowing.
The Yangon Division Gold Entrepreneurs Association’s data shows that on February 2, the world gold price was $1,797 per ounce and the local academy gold price was 188,000 kyats per kyat.
The local academy gold price was 19,300,000 kyats per ounce, while the world gold price was 1,878 US dollars per ounce on February 15 at 12:01 a.m.
Consequently, the local academy gold price only increased by 22,000 kyats per kyat while the global gold price increased to $ 81 per ounce in two weeks.
Today, February 16, at 2:30 p.m., the local academy gold price was 18,895,000 kyats per kyat, while the price of gold worldwide dropped to US$1,854 per ounce. Consequently, the local academy gold price dropped to 13,500 kyats per kyat and the global gold price dropped to US$24 per ounce in two weeks.
A gold market expert responded to the question of whether domestic gold prices would be affected by the rapid rise or fall in global gold prices: Ukraine and Russia are the primary problem. Due to competition, the prices of oil and gold around the world have gone up. Therefore, the price of Myanmar gold will rise or fall depending on global gold prices. However, the average person is still unable to afford one. The gold market in Myanmar has been slowly following. The price of Burmese gold increased between 35,000 and 40,000 percent between 187,000 and 80,000 and 19,800,000. Between about 1880 and 1900, the global gold price increased from less than $1,800. As a result, global gold prices are rising rapidly. The price of Myanmar gold has steadily increased. The restraint did not cause him to fall. It will cautiously retreat. It’s hard to go up and down. According to him, “you will go down slowly if you go up and down slowly.”
A gold trader commented on the market’s current trading situation, “When the price went up, the purchases were not as good as expected.” Because it did not live up to expectations, the price of gold increased steadily. As much as you need to buy or sell, it goes up. Additionally, the global gold price is more volatile than the domestic gold price. It is dependent on demand because it does not fall. It indicates a balanced supply. Prices fall when prices fall. It’s time to buy now. Sales are varying. Because it is balanced, it is balanced. Prices have not changed as a result of the restriction.
