Gold prices jump K30,000 in 10 days

Gold prices rose K30,000 in the 10 days to October 16, with 24 carat gold climbing to K802,000 a tical, or 0.576 ounces, market sources said last week.

“The gold price is rising in tandem with the world market gold price and the US dollar exchange rate,” said U Kyaw Win, managing director for marketing at Myanmar Gold Development Public Co., Ltd, one of the country’s biggest gold traders.

“I think there is no sign of gold prices going down,” he told Frontier. “If the world gold market price increases continuously, the local price will also increase,” U Kyaw Win said.

Gold prices started to rise in the second week of October, market sources said.

Another gold shop owner in downtown Yangon said the wholesale market was slow, but the retail market was normal.

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