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Myanmar's gold prices rise after Brexit

Xinhua, July 13, 2016 Adjust font size:

Local gold prices in Myanmar rose by about 85 U.S. dollars per tical (0.01633 kg) on Tuesday as compared with the prices before Brexit, according to local gold traders Wednesday.

On Tuesday, the local gold price stood around 719.145 U.S. dollars per tical, according to local market.

A trader said that local gold prices go up as local market is depending on the world market. After Britain's leaving from the European Union (Brexit), the world gold market has been unstable.

In the world market, the price reached about 1,355 U.S. dollars per ounce, the highest in market history although it was about 1,250 U.S. dollars per ounce before Brexit. Therefore, the market is unactive, according to U Zaw Aung, a gold trader.

Moreover, the market price is unestimable currently and may volatile for a period.

According to the latest market surveys on Wednesday, the price started to go down to reach 711.914 U.S. dollars per tical. Enditem