Both domestic gold price and dollar exchange rate unstable

Source : The Global New Light of Myanmar
View Count : 205
Jan 12, 2017

The unstable global market adversely affected the domestic exchange market and the gold market, resulting in an unstable domestic market
       With the rise in the global gold price in 2016, both the dollar exchange rate and the domestic gold price rose Despite the decline in the global market, the exchange rate was still on the rise
       The index of the US dollar in the global market was up from the 7th to the 9th January, and then slipped to 101.51 points on the morning of 10th January
       However, the dollar exchange rate was Ks1,369 in the morning of 10th January and was down to Ks1,362 in the afternoon
       The US dollar exchange rate was unstable in the domestic market throughout this month, with Ks1,360 on 4th January, Ks1,350 on 6th January and Ks1,365 on 9th January The dollar exchange rate hit a recorded high of Ks1,438 on 16th December in 2016 and dropped to Ks1,350 on 3rd January, according to the external exchange market
       On 10th January, the Central Bank of Myanmar increased the dollar exchange rate to Ks1,350 from Ks 1,345 on 9th Jan
       The domestic gold price hit its highest rate of Ks900,200 per tical on 4th Oct 2016 The price was on the rise despite the drop in the global gold price because the US dollar exchange rate remained on the upward trend
       With the increase in global gold price on 10th Jan, domestic gold fetched around Ks862,000 per tical, but the price was down over Ks858,000 per tical in the afternoon, it is learnt from the gold and jewellery shops.



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