Business

Local Gold Price Reaches Record High

By San Yamin Aung 27 February 2017

RANGOON — The price of gold in Burma skyrocketed to a record high of 902,500 kyats (US$656) per tical—a traditional Burmese measurement of weight equal to 16.33 grams (just over half an ounce)—on Monday, gold traders said.

“It’s the highest price ever on the gold markets in Burma,” U Kyaw Win, owner of U Htone Gold & Jewelry shop and managing director of Myanmar Gold Development Public Company, said.

He said gold prices had been increasing from about 880,000 kyats per tical since the beginning of the month and hit the 900, 000 kyats mark on Friday as global gold prices increased to about $1,257 per ounce.

He added that the price is likely to continue increasing in relation to the global price.

U Zaw Aung—who has run Tate Sein gold shop in Rangoon’s Kyauktada Township for 20 years—said that the previous record of 901,000 kyats per tical was reached last year.

He said that demand from individual local buyers is currently decreasing and that “gold collectors are waiting to see whether the price will decline.”

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