Wednesday, 17th May 2006 (3554 views)

Reports from Burma suggest that gold sales are dropping due to the high price of gold in the current markets.

The Kaladan Press Network (KPN) claims that the local value of gold has increased by up to 20 per cent in the last two months alone and this is affecting sales in the Maungdaw Township, one of Burma's largest markets for the precious metal.

"Since international market prices continue to rise, gold prices in the local market keep going up," one goldsmith told the KPN.

Another Burmese market operator from Buthidaung said that selling rather than buying gold ornaments, in order to cash in on the rising prices, was now more likely to be the order of business for those coming to the market.

There also appeared to be cases of demand for gold increasing in the southeast Asian country as people hoped to cash in on the rising prices at a later date.

 

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