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Gold and dollar prices reach record highs after coup
The prices of gold and the US dollar in Myanmar continue increasing following the military coup in February.
27 Sep 2021
DMG Newsroom
27 September 2021, Sittwe
The prices of gold and the US dollar in Myanmar continue increasing following the military coup in February.
A tical of 24K gold was about K1.45 million in January but rose to over K1.95 million on September 27 as the price continues to rise after the February 1 coup, with subsequent political instability widely cited as the reason.
The price of gold in early September was around K1.7 million.
Ko Nyan Tun Aung, from Myint Yadana gold shop in the Arakan State capital Sittwe, said: “We sold at K1.92 million yesterday, but it rose up to K1.95 million today.”
Sales of gold are down due to the surge in the price, gold shop owners said.
There are more customers pawning gold than buyers in the current market, they said.
Meanwhile, the appreciating dollar has also resulted in higher commodity prices.
“Since the price of dollars is up, the price of gold is also increasing,” said Ko Myo Myo, from Theikdi Aung gold shop.
The exchange rate of the US dollar against the Myanmar kyat was K1,357 before the coup, and it reached K2,235 on September 27.
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