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Towards a backdrop of untamed fluctuations of the gold worth on the earth market in October this yr, the worth of Myanmar’s home 24 carat gold worth additionally rose and fell however not with an enormous margin, Myanmar gold merchants stated.
As for November, the worldwide gold worth rose to the best at over US$1,770 per troy ounce within the second week of November however the home gold buying and selling was sluggish and the worth was steady with the US greenback change price throughout that point, the gold merchants stated.
Gold traded within the Yangon market on 18 November 18 with a shopping for worth of two,675,000 kyats per tical (approx. 16 gm) for Academy model 24 carat gold and a couple of,678,000 kyats promoting worth.
The gold worth on the world market was at US$1,645 per ounce on 1 November and it rose to US$1,783 on 15 November, an increase of US$138 throughout this two-week interval.
Equally 24 carat gold was traded at 2,645,000 kyats per tical on 1 November and it rose to 2,680,000 kyats on November 15 in order that it rose by 35,000 kyats per tical throughout this two-week interval however the change in gold worth was restricted.
The reference gold worth for the afternoon buying and selling on 18 November was set at 2,075,000 kyats per tical by the Yangon Gold Merchants Affiliation because the gold worth is US$1,762 on the earth market.
The market worth of gold didn’t fall from over 2.6 million kyats per tical regardless of the US greenback change price fall.
The gold worth is presently steady within the home market and the demand and provide is in an equilibrium state.
The 18 November US greenback change price within the Myanmar market was between 2,920-2,950 kyats per greenback and it was between 3,000-3,030 kyats within the first week of November, so there was a slight fall.
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