Gold buyers' lack of enthusiasm hits Burma markets
Burma gold prices averaged 762.750 kyats per tical since February, down from 767,500 Kyats per tical in January.
Gold markets across Burma suffered from lack of enthusiasm shown by gold buyers despite lower prices, ahead of Chinese New Year holidays.
Gold dealers in the capital said price of gold has not risen as expected between January 31 and February 2 as there seems to be more gold in the market.
Burma gold prices averaged 762.750 kyats per tical since February, down from 767,500 Kyats per tical in January.
Analysts said big-hand buyers in Burma are taking a break in the market ahead of the Chinese New Year holidays.
They added that the wedding season demand is almost over. Burmese wedding season starts in October and continue till March.
They added that the lack of interest for gold during this season is surprising considering the fact that Burmese banking system is yet to fully develop and people continued to distrust of Burmese banks.
Earlier during the military rule, Burmese people usually tend to stock up gold to preserve their wealth.
Sumber : Google
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