Myanmar gold prices surge as COVID-19 spreads

Gold prices in Myanmar have reached new highs in the wake of the COVID-19 outbreak.

Domestic gold prices track global prices, which have surged of late as investors abandon riskier investments in favour of the safe haven asset.

Gold prices in Myanmar are currently trading at a high of around K1.25 million per tical.

U Kyaw Win, chair of the Myanmar Gold Entrepreneurs Association sees prices rising further to K1.3 million if the virus continues to spread, drawing more buyers of gold.

Global gold prices hit US$1645 per ounce on February 27, falling slightly from their high of US$1690 per ounce earlier in the week.

“The price varies between $10 and $40 every day. As a result, the local gold price is also rising,” said U Tin Tun, chair of the Mandalay Region Gold Entrepreneurs Association.

“The global gold price has hit record high in ten years because people are saving an increasing amount of gold,” said U Myo Myint, head of Yangon Region Gold Entrepreneurs Association. -Translated

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Source : Myanmar Times

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