• Burmese
Sunday, June 22, 2025
No Result
View All Result
NEWSLETTER
The Irrawaddy
30 °c
Yangon
  • Home
  • News
    • Burma
    • Politics
    • World
    • Asia
    • Myanmar’s Crisis & the World
    • Ethnic Issues
    • War Against the Junta
    • Junta Cronies
    • Conflicts In Numbers
    • Junta Watch
    • Fact Check
    • Investigation
    • Myanmar-China Watch
    • Obituaries
  • Politics
  • Business
  • Opinion
    • Commentary
    • Guest Column
    • Analysis
    • Editorial
    • Stories That Shaped Us
    • Letters
  • Junta Watch
  • Ethnic Issues
  • War Against the Junta
  • In Person
    • Interview
    • Profile
  • Books
  • Donation
  • Home
  • News
    • Burma
    • Politics
    • World
    • Asia
    • Myanmar’s Crisis & the World
    • Ethnic Issues
    • War Against the Junta
    • Junta Cronies
    • Conflicts In Numbers
    • Junta Watch
    • Fact Check
    • Investigation
    • Myanmar-China Watch
    • Obituaries
  • Politics
  • Business
  • Opinion
    • Commentary
    • Guest Column
    • Analysis
    • Editorial
    • Stories That Shaped Us
    • Letters
  • Junta Watch
  • Ethnic Issues
  • War Against the Junta
  • In Person
    • Interview
    • Profile
  • Books
  • Donation
No Result
View All Result
The Irrawaddy
No Result
View All Result
Home Business

Gold Price Reaches New High

Kyaw Hsu Mon by Kyaw Hsu Mon
July 8, 2016
in Business
Reading Time: 2 mins read
0 0
A A
Gold Price Reaches New High

Vendors arrange a display of gold jewelry at a shop in Chinatown in downtown Rangoon. (Photo: The Irrawaddy)

4.8k
VIEWS
Share on FacebookShare on Twitter

RANGOON — After hitting a record high last month, gold prices have continued to rise to their highest point ever due to increasing global gold prices, industry sources say.

The local price for one tical, a traditional Burmese weight measurement equal to 16.33 grams (just over a half ounce), jumped to almost 840,000 kyats (US$685) this week, up from last month’s 812,000 kyat peak.

The price has been pushed up by global prices and influenced by Britain’s exit from the European Union (EU) last month. Gold dealers said this is the highest price on record since the country opened its economy to external trade in 1988.

RelatedPosts

China’s Bet on Myanmar Junta Risks Backfiring

China’s Bet on Myanmar Junta Risks Backfiring

June 17, 2025
1.7k
Social Media and Street Protests: Myanmar’s Pushback Against Chinese Influence

Social Media and Street Protests: Myanmar’s Pushback Against Chinese Influence

April 17, 2025
1.5k
Examining the Role of Private Security Firms in Chinese Force Projection

Examining the Role of Private Security Firms in Chinese Force Projection

April 3, 2025
1.7k

“Today’s local price is a record, and the global gold price is only going to increase in the coming days. Gold shop owners are seeing decreased sales, but there are many sellers coming here and trying to profit on goods they bought for a lower price,” said Kyaw Win, secretary of the Myanmar Gold Entrepreneurs Association.

On July 8, the global gold price reached US$1,363 per ounce, up from $1,300 last month.

“The local gold market is indirectly affected by matters in the EU, but I don’t think the price will go down again right away. There is the potential for it to go even higher seeing that the actual Brexit has a long way to go still,” Kyaw Win said.

“People are selling their gold and saving money or investing in the US dollar, as this is not a good time to invest in property,” he said.

Because the US dollar exchange rate has stabilized around 1170 kyats per dollar, investors are hoping to profit by shifting their investments from gold to dollars, Kyaw Win said.

It is a good time for people who have hoarded gold to cash out in the market, said U Maw, owner of Aung Thamadi goldsmith in Mandalay. “Many gold shops are now buying gold from their customers. Trading has reversed.”

Your Thoughts …
Tags: A_FactivaInvestment
Kyaw Hsu Mon

Kyaw Hsu Mon

The Irrawaddy

Similar Picks:

General Close to Myanmar Junta Boss Placed Under House Arrest, Interrogated for Corruption
Burma

General Close to Myanmar Junta Boss Placed Under House Arrest, Interrogated for Corruption

by The Irrawaddy
September 14, 2023
28.7k

The arrest of ‘kickback king’ Lt-Gen Moe Myint Tun, once seen as a possible successor to Min Aung Hlaing, comes...

Read moreDetails
Myanmar Junta Arrests Thai Condo Buyers, Realtors as Currency Crashes
Business

Myanmar Junta Arrests Thai Condo Buyers, Realtors as Currency Crashes

by The Irrawaddy
June 4, 2024
27.7k

Monday’s arrests follow reports that Myanmar has become one of Thailand’s most lucrative markets for selling condos since the 2021...

Read moreDetails
Planeload of Cronies Accompany Myanmar Junta Boss on Russia Trip
Business

Planeload of Cronies Accompany Myanmar Junta Boss on Russia Trip

by Hein Htoo Zan
March 7, 2025
10.8k

Regime-linked businessmen are set to cash in on deals flowing from the 10 agreements signed between Russia and the Myanmar...

Read moreDetails
Myanmar’s Youth Flee—and They Aren’t Looking Back
Commentary

Myanmar’s Youth Flee—and They Aren’t Looking Back

by Aung Zaw
February 23, 2024
8.4k

In Thailand and farther afield, they join the wealthy and the educated who have already put down roots and invested...

Read moreDetails
Tracking the Business Empire of Myanmar Regime Stalwart Moe Aung and His Siblings
Investigation

Tracking the Business Empire of Myanmar Regime Stalwart Moe Aung and His Siblings

by Aung Thit
September 4, 2023
7.1k

In the second of a two-part series, The Irrawaddy’s Investigation Desk examines more of the vast business interests of the children of...

Read moreDetails
With Proposed Security Gambit, Beijing Decides ‘Enough Is Enough’ in Myanmar
Analysis

With Proposed Security Gambit, Beijing Decides ‘Enough Is Enough’ in Myanmar

by The Irrawaddy
November 21, 2024
5k

China’s establishment of a joint venture security company with the junta to safeguard BRI projects in Myanmar shows it no...

Read moreDetails
Load More
Next Post
Dateline Irrawaddy: ‘People Expect the NLD Will Solve All Their Problems’

Dateline Irrawaddy: ‘We Have to Reform the Entire Administrative System’

Farmers Protesting on Seized Land Let Off With Light Fine

Farmers Protesting on Seized Land Let Off With Light Fine

No Result
View All Result

Recommended

Trade and Traffic from Thai Border Region Dwindle as Checkpoints Multiply

Trade and Traffic from Thai Border Region Dwindle as Checkpoints Multiply

3 days ago
1k
The Lady Myanmar’s Generals Can’t Defeat

The Lady Myanmar’s Generals Can’t Defeat

3 days ago
700

Most Read

  • Myanmar Junta Moves to Seize Sagaing Roads

    Myanmar Junta Moves to Seize Sagaing Roads

    shares
    Share 0 Tweet 0
  • Certifying a Chinese Security Invasion; Boosting Ties With Nuclear North Korea; and More

    shares
    Share 0 Tweet 0
  • Residents of Myanmar Ruby Hub Speak Out as TNLA Mining Takes Toll

    shares
    Share 0 Tweet 0
  • Myanmar Junta Changes Election Law Ahead of Polls

    shares
    Share 0 Tweet 0
  • Trade and Traffic from Thai Border Region Dwindle as Checkpoints Multiply

    shares
    Share 0 Tweet 0

Newsletter

Get The Irrawaddy’s latest news, analyses and opinion pieces on Myanmar in your inbox.

Subscribe here for daily updates.

Contents

  • News
  • Politics
  • War Against the Junta
  • Myanmar’s Crisis & the World
  • Conflicts In Numbers
  • Junta Crony
  • Ethnic Issues
  • Asia
  • World
  • Business
  • Economy
  • Election 2020
  • Elections in History
  • Cartoons
  • Features
  • Opinion
  • Editorial
  • Commentary
  • Guest Column
  • Analysis
  • Letters
  • In Person
  • Interview
  • Profile
  • Dateline
  • Specials
  • Myanmar Diary
  • Women & Gender
  • Places in History
  • On This Day
  • From the Archive
  • Myanmar & COVID-19
  • Intelligence
  • Myanmar-China Watch
  • Lifestyle
  • Travel
  • Food
  • Fashion & Design
  • Videos
  • Photos
  • Photo Essay
  • Donation

About The Irrawaddy

Founded in 1993 by a group of Myanmar journalists living in exile in Thailand, The Irrawaddy is a leading source of reliable news, information, and analysis on Burma/Myanmar and the Southeast Asian region. From its inception, The Irrawaddy has been an independent news media group, unaffiliated with any political party, organization or government. We believe that media must be free and independent and we strive to preserve press freedom.

  • Copyright
  • Code of Ethics
  • Privacy Policy
  • Team
  • About Us
  • Careers
  • Contact
  • Burmese

© 2023 Irrawaddy Publishing Group. All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • News
    • Burma
    • Politics
    • World
    • Asia
    • Myanmar’s Crisis & the World
    • Ethnic Issues
    • War Against the Junta
    • Junta Cronies
    • Conflicts In Numbers
    • Junta Watch
    • Fact Check
    • Investigation
    • Myanmar-China Watch
    • Obituaries
  • Politics
  • Opinion
    • Commentary
    • Guest Column
    • Analysis
    • Editorial
    • Stories That Shaped Us
    • Letters
  • Ethnic Issues
  • War Against the Junta
  • In Person
    • Interview
    • Profile
  • Business
    • Economy
    • Business Roundup
  • Books
  • Donation

© 2023 Irrawaddy Publishing Group. All Rights Reserved

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.