Gold price in Myanmar's domestic market has dropped from a record high over the past week, gold entrepreneurs said on Thursday.

The domestic gold price hit a record high of over 1.3 million kyats ($843.8) per tical on Sept. 5 and shortly thereafter, it plummeted to 1.22 million kyats and is likely to continue to fall, said the Yangon Gold Entrepreneurs Association.

As the global gold price is heading downward, the domestic one will continue to fall further, the association predicts.

Despite a fall in the local gold market, trading has cooled, it added.

Rumors of financial instability in the banking industry had sparked a price hike and led to US dollar gaining in the market.

On Aug. 7, the price of pure gold rose above 1.2 million kyats per tical in the domestic market and it reached a fresh peak of over 1.3 million kyats on Sept. 5.

Meanwhile, the exchange rate in local market has also been scaled up to over 1,550 kyats against one US dollar as of the day.