Business News

Upward trend seen for local gold prices 508

Myanmar Times
Jun 24, 2019

Local gold prices will continue to rise supported by uncertainties such as the US-China trade dispute, volatile stock markets andthe move by major central banks to lower benchmark interest rates.

Myanmar Gold Entrepreneur Association chair U Kyaw Win predicts that local gold prices will continue to trend higher from the current K1.1 million per tical compared to the over US$1,400 per ounce traded in the global markets (one tical is equivalent to 16.329 gramme).

“If compared to the international price of gold, local prices are around K20,000 higher,” he said.

Local gold prices have risen since early April, when it was trading at K105,000 per tical.

U Kyaw Win said local prices were being supported by external uncertainties such as the US-China trade dispute as well as volatile stock markets. “Investors are putting their money into gold,” he said, noting that central banks around the world including China’s are adding to their gold reserves.

Yangon Myanmar Gold Entrepreneur Association chair Myo Myint said gold traded in the global markets will also be supported by news flow from the upcoming G20 summit to be held in Osaka, Japan from June 28 to June 29.

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