Gold prices top K2.9 million per tical in Arakan State

By Admin 23 Mar 2023

DMG Newsroom
23 March 2023, Sittwe

The price of 24K gold hit over 2.94 million kyats per tical (0.576 oz) in Arakan State on Thursday, according to gold shop owners.

The price has increased from around 2.83 million kyats since early this month, while demand has decreased due to increased prices.

“The demand is low, and has declined by 80 percent,” said gold shop owner Ko Saw Win from Sittwe.

The official price set by the Gold Entrepreneurs Association was 2,329,100 kyats per tical for 24K gold, according to the Yangon Region Gold Entrepreneurs Association. The association on Tuesday called for transactions to be based on official prices, saying it is against the law to sell at inflated prices.

Gold shop owners in Arakan State can’t sell at prices set by the Yangon Gold Entrepreneurs Association, said a gold shop owner from Sittwe.

“We sell according to prices set by gold shops in Yangon. The demand has declined due to high prices. Previously, employees would buy gold every month as a way of saving. However, they can’t afford to do it now. Commodity prices have increased a lot, and employees are struggling on their salaries,” she said.

The Yangon Region Gold Entrepreneurs Association said those who speculate on gold spread rumours through social media to push up gold prices. Though they often cite the gold price increase in the international market as the reason for price increases in the domestic gold market, in fact there is no connection between the domestic gold market and the international gold market, according to the association.

Gold prices in Myanmar have hit record highs since the military coup.