Amid a global gold price rise, the Myanmar domestic price of 24 carat gold rose to nearly 2.9 million kyat in the market, with people in gold trading circles saying there might be coming instability in the market. After the banking crisis in the United States of America with the collapses of Silicon Valley Bank (SVB) and Signature Bank, these banks had liquidity problems and they could not pay the customers’ deposit. This bank crisis pushed gold prices upward. Before the bank crisis, gold was traded in the global market at US$1,876 per troy ounce and then it rose up to around US$1,929 on 17 March. Yangon Gold Entrepreneurs Association (YGEA) announced that the domestic price for 24 carat gold was 2,272,600 kyats per tical (approx. 16.3 gms). Reportedly, the domestic price of 24 carat gold rose up to 2.9 million kyat per tical because of the rising trend in the global market and that the gold prices were unstable and volatile. A Myanmar gold trader said that gold was in high demand in the global market after the US bank crisis with the collapse of the two banks and the price of gold was rising too but the trading of gold in the domestic market was sluggish. The 24 carat gold price in the domestic market reached the record high level of around 3.5 million kyats per tical in August last year after the soaring exchange rate of the US dollar. Under the rule of the National League for Democracy-led government the 24 carat gold price was around 1.3 million per tical in the domestic market and then it rose markedly after the military coup and also experienced price instability more often.
Source: Somali National News Agency