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MYANMAR – The domestic gold market has seen large movements on Wednesday (March 13) and the price for one tical of gold jumped to a new record of 41 lakhs and 25 thousand Kyats but the price settled in the evening, according to a Yangon based gold entrepreneur.
“There were large movements in the gold market today (March 13). The market opened at 41.1 lakhs. It rose to 41.25 lakhs in the afternoon around 2 p.m. then dropped back to 41 lakhs. The USD exchange rate stays high and the gold price is not falling either. There is also demand for gold. The rise in gold price can’t just be attributed to one thing. It’s like cooking, there are many reasons. Bad political situation is also a main reason. People are choosing to buy more gold,” explained the gold entrepreneur.
Meanwhile, at the current exchange market, USD has been stably rising to around 3,665 Kyats while Kyat has dropped sharply against Thai Baht.
“Now, 100,000 Kyats is just worth 985 Baht. Kyat has weakened a lot. Because there are a large number of people purchasing properties in Bangkok and Chiangmai of Thailand, the demand for Thai Baht is strong but as there isn’t enough supply to meet it, Thai Baht is strong,” said a Thai-Myanmar exchange agent.