The price of domestic 24-karat or pure gold has risen to 2.9 million kyats per tical, with the rising global gold prices and price instability in the market, the gold entrepreneurs told Than Lwin Times.

Due to the implications of the failure of US-based banks Silicon Valley Bank (SVB) and Signature Bank, which failed to discharge their customers’ bank deposits, gold prices rose.

The world gold price rose to around $1,912 per ounce on March 14, from a price of only $1,876 per ounce before the US Banks’ scandal.

The price of domestic gold has increased from 2,850,000 kyats to roughly 2,900,000 kyat per tical as a result of the upheavals in the world gold market, leading to price instability.

According to a gold trader, the collapse of the American banks caused a rise in the price of gold due to increased demand on the global gold market, but the domestic market is stagnant.

When the strength of the dollar skyrocketed in August of last year, one tical of pure gold reached a record high of around 3.5 million kyats.

Under the NLD government, one tical of pure gold was only around 1.3 million Kyats, and the price of gold has nearly tripled due to price instability following the military coup.