Yangon region gold entrepreneurs association to sell 20 visses of gold daily

Yangon Region Gold Entrepreneurs Association will sell 20 visses of gold (20 packs) per day, according to the decision of an executive meeting of the Yangon Region Gold Entrepreneurs Association (YGEA) held yesterday.
Gold entrepreneurs – Zwe Htet, Academy, Aung Thamardi and U Ayeya Soe Naing (gold merchant) will sell five visses each of gold each per day in the Yangon gold market.
Due to the skyrocketing forex rate of the US dollar outside and the high demand for gold, Myanmar gold price increased from K1,930,000 to K 2,220,000 per tical, going up by K290,000 by four days, elaborated YGEA Chair U Myo Myint on 28 September. After the decision of the Association came out on the evening of 29 September, when the market closed, the price of Academy Gold was K2 million while the world gold price was at 1,740 per ounce.
The price of gold traded in the market is based on the dollar exchange rate, the world gold price, as well as supply and demand. It is learned that there is no price set by the Yangon Region Gold Entrepreneurs Association. — Myo Min Thura/GNLM