9 September 2024
Due to the continuous sale of hundreds of millions of dollars, the dollar’s price dropped to 5,300 kyats, and the gold’s price fell back to 65,000 kyats. After the worst price rise, the dollar and gold prices returned to their lowest in over a month.
At the start of July, the dollar was at 4,600 kyats, with the central bank selling dollars. However, by the end of July, it had risen again to over 5,000 dollars. On August 1, it rose again to 5,500 kyats per dollar; on August 14, it reached the highest price in history to over 7,000 kyats per dollar. The central bank sold hundreds of millions in August, and more than 200 million dollars have been sold in over a month.
From the beginning of last August until now, the dollar’s price has fallen below its lowest level of 3,350 kyats, which was reached on September 7. On September 8 (yesterday), it fell to 5,150 kyats, and today, it is at 5,100 kyats. The dollar’s price has fallen below its lowest level in more than a month when it rose the worst.
Due to the continued decline in the dollar price and the global gold price falling below $2,500 per ounce, the domestic gold price, which had risen to more than 8,000,000 kyats in August, also fell back to 6,500,000 kyats per piece of bark gold.
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