Gold market stabilising but sluggish, say industry players

By DMG 29 Nov 2021

DMG Newsroom
29 November 2021, Sittwe 

The price of gold in Myanmar has stabilised after it surged in the wake of the February 1 coup, gold shop owners said. 

The price of gold has eased off of record highs but the number of buyers has decreased as well, according to goldsmiths in the Arakan State capital Sittwe. 

“The number of buyers was high at this time previously. Now, the demand and supply are not regular because people are not in good business. The demand is still lower here. I heard the demand for gold is also not good in Yangon. The sales of gold in Sittwe are sluggish,” said U Sein Kyaw Aye, a goldsmith in Sittwe. 

The current price of 24K gold is more than K1.78 million per tical, having decreased nearly K200,000 from its highest point, but the number of buyers is still lower and some gold shops are temporarily closed in Sittwe. In September, a tical of 24K gold was priced at about K1.82 million. 

“Before the coup, most people in Arakan State suffered war and Covid-19 impacts. Their economy is just recovering. Meanwhile, the political situation in other regions and states is unstable. So, it will take time to return to normal sales,” said a goldsmith in Sittwe who asked not to be named.  

On November 29, a tical of 24K gold was priced at K1,787,000 and 23K gold stood at K1,681,900, according to gold shops. 

A tical of 24K gold had risen to over K2 million in the domestic market in early October, even amid reports of more sellers than buyers.