The local gold prices that have been skyrocketing since last year now hit MMK2 million per tical again after reaching MMK 2.2 million per tical in late September 2022. A tical of gold is equivalent to 16.32 grams or 0.576 oz.
In the afternoon of March 8, the gold price in the global market is $2014 per ounce while the dollar rate against Myanmar Kyat in the informal market is MMK 2035-2060 per dollar.
Following the military take over, the gold price accompanied by the deprecation of Myanmar Kyat has been increasing day by day.
An official Yangon Gold Entrepreneur Association said that the association is trying to stabilize the domestic gold market and the gold price hike in the country is around 10 percent and reflects the global gold prices.
Meanwhile, some gold shops asked gold buyers to bring ID cards or driver’s licenses and required buyers to provide their residency address, which received backlashes from the customers.