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Gold Reaches Record Levels in Burma

20 September 2012

The price of gold in Burma has set a new record, according to reports by state-run media. On Tuesday, one tical (0.58 oz) of gold was worth 794,000 kyat (US $918), putting the price at around $1,588 per ounce. The rate could reach 800,000 kyat per tical ($1,600 per ounce) in the near future, said the Yangon Region Gold Entrepreneurs Association. Five years ago, the average price was around 500,000 kyat per tical. Meanwhile, the US dollar is significantly higher against the kyat since the Burmese currency was floated in April, now fetching 865 kyat, compared to just 818 five months ago.