DESPITE the surge in gold prices in the local market, gold trading is normal, gold shop owners in Yangon said last week.

The surge in the local price of gold reflects price changes in the world market, said U Kyaw Win, secretary of the Myanmar Gold Entrepreneurs’ Association.

He said the price of purified gold rose about K20,000, from K520,500 per tical to K540,000 per tical inside a week. (One tical is 16 grams. International gold prices are stated per ounce, with 1 ounce equalling 28 grams.)

“Trading is busy, as there is a growing demand for gold despite the higher price,” said U Kyaw Win.

At the London gold fix, where gold is priced twice a day, the price of an ounce of gold rose from US$924.75 on May 19 to $959.75 on May 22 before falling back to $945 as of the afternoon of May 26.

However, the local gold price is still advancing, reaching K552,000 per tical in the market in May 27.