Gold prices in Myanmar soar record high over weekend

08:59, May 12, 2010      

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Gold prices in Myanmar have soared to a record high, trading at 626,000 Kyats (about 630 U.S. dollars) per tical (about 15.24 grams) over the last weekend, the local weekly Yangon Times reported Tuesday.

The current gold prices, which is up from 612,500 Kyats (615 U. S. dollars) in the beginning of this month, broke 2009's highest record of 623,000 Kyats, the report said.

The high gold prices have revived the gold market in the country which cooled down in April, it said.

Meanwhile, Myanmar currency value has risen to a record high against the U.S. dollar since mid-April, trading at 980 Kyats per dollar in the domestic market.

The Myanmar Kyat value went up significantly against the dollar from normally above 1,000 Kyats per dollar to the present exchange rate.

Financial experts linked the record high of Myanmar currency value in exchanging with U.S. dollar with the increased flow of foreign currencies in the domestic market, the slow flow of export and import goods, fall of border trade and coolness of economic transactions that brought down the value of U.S. dollar.

Source:Xinhua

(Editor:黄蓓蓓)

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