Subscribe Search

Search form

Logo of Phnom Penh Post newspaper Phnom Penh Post - Cambodia sees gold price dip

Cambodia sees gold price dip

Cambodia sees gold price dip

Gold prices in Cambodia are down about 27 per cent from January through June, according to the Ministry of Commerce.

Supply is stable and demand is gradually increasing, but prices fell on the heels of global market declines.

Figures from the ministry show that the price dropped from about $1,995 per damlung in January to $1,560 yesterday. One damlung is equal to 1.2 ounces, and 26.67 damlung are equal to 1 kilogram gram of gold.

Sieng Lim, a staffer at Ly Hour Money gold shop, a major seller in Phnom Penh, said yesterday that demand and gold trading in Phnom Penh is gradually increasing. She added that most Cambodians buy gold for personal use, to produce bracelets or earrings, while a minority stock up on it to resell.

“The current price is decreasing noticeably, with the lowest rate ever during the past three years,” Lim said. “There is nothing to worry about on the demand or supply side in the local market, but the price drop has to do with the international market.”

Chan Sophal, an independent economic analyst, said that as the global economy is recovers, people place more trust in the reliability of currencies, instead of hedging by hoarding gold.

“Price of gold has jumped significantly after the post-financial crisis because people think that the US currency has fluctuated quickly,” Sophal said. “Now, they think it is stable … which eventually makes the price decline.”

Gold trade changed little yesterday after the biggest drop in almost two weeks in response to the US Federal Reserve Chairman Ben S Bernanke’s comments on the central bank’s asset purchases. Spot gold traded at $1,276.54 an ounce by 9:28am in Singapore from $1,276.11 on Wednesday, when prices retreated 1.3 per cent, the most since July 5.



  • Professor beaten by mob in Phnom Penh after alleged hit-and-run

    Updated with new information: 6:44am, Tuesday March 13 2018 A university professor accused of a hit-and-run has been transported to Vietnam with serious head injuries after he was brutally beaten by a mob in Phnom Penh late Sunday afternoon. A video of the attack shows a group

  • American ‘fugitive’ arrested in Cambodia outside of US Embassy

    An American citizen was arrested on request by the US Embassy in Phnom Penh on Tuesday, according to Cambodian police. Major General Uk Hei Sela, chief of investigations at the Department of Immigration, identified the man as American Jan Sterling Hagen, and said he was

  • One Australian, one Cambodian killed in explosion at military base

    Updated: 5:20pm, Friday 16 March 2018 An Australian tourist and a Cambodian soldier were killed in an explosion on Thursday afternoon at an army base in Cambodia’s Kampong Speu province. The Australian, whom the government initially identified as a technical demining expert in his 40s, and

  • Australians protest Asean summit visit by PM Hun Sen

    Hundreds of protesters gathered in Sydney’s Hyde Park on Friday to protest against Cambodian strongman Hun Sen, who claimed to have been gifted millions of dollars by the Australian government ahead of a special Asean summit this weekend. An estimated 300 protesters, the majority of