Continuously rising local gold price has gone down to around Ks1.6 million at about 2 pm on May 13 after the Central Bank of Myanmar (CBM) started selling dollars at some money changers, according to local gold dealers.

The gold price jumped by around Ks200,000 from May 8 to 12 reaching a record of around Ks1.69 million. Then, the CBM started selling dollars at some money changers with a set rate of 1,645 MMK per dollar on May 13.

At about 2 pm, global gold price was around US$1,816 and local price around Ks1.6 million.   

“Local gold price is around Ks1.6 million. But we cannot say exactly because of changing prices. If you want to know exactly, come to our shop,” said a salesperson from Aung Thamardi Gold Shop.

 While global gold price was around US$1,833 at about 2 pm on May 12, the local price jumped by around Ks200,000 in five days with a record high of around Ks1.69 million.

While global gold price was around US$1,842 at about 2 pm on May 11, the local price increased by around Ks100,000 in four days with a record of around Ks1.62 million.

The global price was US$1,836 on May 10 and the local gold price increased by over Ks60,000 in three days with around Ks1.58 million.

Local gold price has been on the increase reaching a record high of Ks1,047,700 on September 20, 2018, Ks1,048,500 on January 3, 2019, 1,063,000 on January 31, Ks1,088,500 on February 20, Ks1,101,000 on June 20, Ks1,136,000 on July 11, Ks1,154,900 on August 3, Ks1,203,000 on August 7, Ks1,237,000 on August 13, Ks1,249,000 on August 26, Ks1,263,000 on August 29, Ks1,282,000 on September 4 and Ks1,315,000 on September 5.

Then, the price saw a further increase in 2020 after 11 months. The price was Ks1,318,000 on August 5 and Ks1,335,500 on August 7. After five years, the price increased again to Ks1,336,000 on January 6 this year and Ks1,411,000 on February 3.  

The lowest and highest local gold prices over the past six months are Ks1,275,000-1,335,500 in August, Ks1,298,000-1,320,000 in September, Ks1,307,500-1,319,000 in October, Ks1,266,700-1,318,000 in November and Ks1,275,000-1,333,000 in December 2020 and Ks1,316,500-1,336,000 in January this year.

The lowest and highest global gold prices on a monthly basis are US$1,549-1,659 in February, US$1,467-1,673 in March, US$1,568-1,729 in April, US$1,683-1,748 in May, US$1,680-1,779 in June, US$1,769-1,975 in July, US$1,859-2,075 in August, US$1,848-1,975 in September, US$1,858-1,933 in October, US$1,746-1,966 in November and US$1,776-1,906 in December 2020 and US$1,803-1,958 in January this year with a difference between around US$40 and over US$200.