Rangoon (Mizzima) – The gold price in Rangoon has been unstable since Daw Aung San Suu Kyi’s trial has started and it reached its highest point on 26th May.

In the first two months of 2009, the gold price was stable at about Ks. 500,000 per tical (about 16 gm) and it rose slowly starting from the second week of March.

The gold price reached its highest point to Ks. 550,000 on 26th May (Tuesday) when Daw Aung San Suu Kyi gave her testimony at the court inside Rangoon’s notorious Insein prison.

“When the market opened on Tuesday, the price rose by about Ks. 8,000 though the world gold price was stable on that day. We experienced similar situation whenever the political situation was unstable”, a gold merchant from Latha Township, Rangoon said.

On that day the gold price reached its highest point of Ks. 555,500 in the morning and declined to Ks. 548,000 in the evening again when gold merchants sold their stock in bulk.

“The gold price has been unstable since Daw Aung San Suu Kyi was arrested. It rose since then and had never fall. Normally the gold price rose in just Ks. 1,000-2,000. If the price change is between Ks. 3-4,000, we can say it is unstable. The market situation became unpredictable then. We saw such situation before with price change in the range of Ks. 10,000 when the political situation is volatile. Though we saw some fall of gold price at the end of last month, I think, it will rise again,” the man who has been in gold business for about 15 years said.

The gold price reached its peak on 26th May and declined slightly, swung between Ks. 540,000-545,000 till 29th May in the gold metal market.