Photo- Commerce
MT News
The domestic gold price and exchange rate saw a sharp rise and fall after gold price that dropped to about Ks-2.3 million per tical, bounced back to over Ks-2.7 million per tical and silver rate jumped to around Ks-3000 per dollar from Ks-2500, according to the local gold and exchange rate markets on 5 October.
After the Central Bank of Myanmar announced on 30 September that it has underway to fall down the dollar price which reached to Ks-5000 per dollar due to price manipulators and medias, at reasonable rate, exchange rate plunged to between Ks-2600 and Ks-2800 and gold price also slid to Ks-2.46 million per tical on the same day.
While US dollar was traded between Ks-2450 and 2680 per dollar, gold price continued to fall up to Ks-2.25 million per tical on 1 October. But the gold price was closed at Ks-2.45 million on the same day and exchange rate rose to between Ks-2680 and Ks-2750 per dollar. Whereas the local gold price saw a sharp rise and fall between Ks-2.5 million and Ks-2.58 million, the dollar price fluctuated between Ks-2850 and Ks-2950 on 3 October. On 4 October, although exchange rate was between Ks-2880 and Ks-3000 per dollar, gold price was between Ks-2.53 million and Ks-2.67 million.
After the gold price was about Ks-2.66 million per tical in open market on 5 October, it surged to Ks-2.79 million in the afternoon and the dollar price also hiked again between Ks-2980 and Ks-3100. Afterwards, the pure gold price dropped back to Ks-2.7 million per tical at 3 pm dollar price also dipped to between Ks-2970 and Ks-3030.
A gold and currency market observer said: “The fluctuation of gold price and exchange rate causes inconvenience for people. We are not able to estimate the prices.”
The supply is increasing after gold price fluctuated in the domestic market.
