In the domestic market, the US dollar price and gold prices have decreased again, according to the market. Last week, the price closed at 3,350 kyat per dollar, but on September 19, when the market opened on September 19, 1 dollar was around 3,300 kyat, and the price fell by about 50 kyat. Also, in the Myanmar gold market, 1 kyat of academy bark gold was more than 30,000 kyats.
A foreign exchange operator in Yangon said, “The price is falling because people are not buying as much, so the price is falling. For this week, the riser and the bearer are a bit overdrawn. Currently, I am leaning towards the boxer,” he told The Irrawaddy. He said that the policy of the Central Bank of the Military Council has not yet calmed down, so dollar exchange rates have fallen slightly, but it is difficult to drop below 3,000 kyats per 1 dollar, he said.
Similarly, in the local gold market today, on the morning of September 19th, the market opened with more than 2900,000 kyats per 1 kyat, and by mid-afternoon, it was only 2800,000 kyats.
A gold merchant in Yangon said, “The price has fallen because the dollar has also cooled down. The world gold price also fell again. Last Saturday, world gold went from $1,675 an ounce to just $1,666 today. Burmese gold also went from more than 30,000 kyats to over 28,000 kyats now. The price is currently going down,” he told The Irrawaddy.
People who bought gold bought it for more than 3000,000 kyats, so they are finding it difficult to resell it and the buyers are also cold, so the price is falling. In the Yangon Region Gold Industry Association (YGEA), the price of 1000 kyats of Burmese Academy bark gold is open today at more than 19000 kyats, but they are only buying/selling at the outside market.
Reporter : CNA Johnsmith