Local gold reaches new heights, market volatility forces suspension

The domestic gold trading market is going through a volatile period amid banking sector mistrust.

Economic uncertainty, the rising value of the dollar against the kyat and fears over the banking sector have pushed gold to reach a record high of MMK 1,410,000 (close to USD 1,000) per tical (0.578 ounces or about 16 grams) in early February 2021.

This new peak price triggered an emergency meeting by Yangon Region Gold Entrepreneurs Association (YGEA) which led to a suspension of the Yangon gold market for 5 days, from February 5th to 10th.

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