Gold prices in Myanmar soar record high over weekend

08:59, May 12, 2010      

Email | Print | Subscribe | Comments | Forum 

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.



  • Do you have anything to say?


Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • On Sept. 26, a resident passes by a flower terrace decorated for the coming National Day. (Xinhua/Hang Xingwei)
  • The photo, taken on Sept. 26, shows the SWAT team ready for the joint exercise. (Xinhua/Wangkai)
  • Two metro trains in Shanghai collided Tuesday afternoon, and an identified number of passengers were injured in the accident, the Shanghai-based reported. Equipment failures were believed to have caused the crash on the Line 10 subway, Xinhua quoted local subway operator as saying.
  • An employee at a gold store in Yiwu, located in east China's Zhejiang province, shows gold jewelry on Monday.(Xinhua/Zhang Jiancheng)
  • Tourists ride camels near China's largest desert lake Hongjiannao in Yulin, north China's Shaanx Province, Sept. 24, 2011. Hongjiannao is shrinking as a result of climate change and human activities, and may vanish in a few decades. Its lake area, which measured more than 6,700 hectares in 1996, has shrunk to 4,180 hectares. Its water level is declining by 20-30 centimeters annually and its water PH value has risen to 9.0-9.42 from 7.4-7.8. (Xinhua/Liu Yu)
  • Actors perform royal dance at the Gyeongbok Palace in Seoul, Sept. 27, 2011. A ceremony commemorating the 38th South Korea Sightseeing Day was held in Gyeongbok Palace on Tuesday. (Xinhua/He Lulu)
Hot Forum Discussion