Gold prices in Myanmar set new record

The gold prices of Myanmar has been hiking day by day since early this year, setting a new record of the prices at 794,000 kyats (about 900 U.S. dollars) per tical over the weekend, official media reported Tuesday. The new prices broke the old record of 768,000 kyats per tical last month on Aug. 21, Yangon Region Gold Entrepreneurs Association was quoted as saying. The gold entrepreneurs forecast that the gold prices in the country may further rise to 800,000 per tical soon. Gold prices in Myanmar once stood below 500,000 kyats per tical in 2007 but it was picked up and rose yearly to 600,000 kyats in 2009 and over 700,000 kyats in 2011. Meanwhile, beginning in April, Myanmar's foreign exchange rate regime has moved from a peg of 8.5 kyats to the special drawing right to a managed floating exchange rate and the rate is quoted as 880 kyats per U.S. dollar currently, up from 818 kyats per U.S. dollar when it was first applied.