MGEA sells pure gold at over K3 mln per tical amid higher prices in grey market

Mandalay Gold Entrepreneurs Association (MGEA) has been selling pure gold at over K3 million per tical (0.578 ounce or 0.016 kilogramme), whereas the price rocketed at over K3.1 million per tical in the shady dealings.
To stabilize the gold price, the MGEA commenced gold sell-off at K3,050,000 per tical at noon of 19 June and sold at K3,040,000 per tical on 20 June and K3,035,000 per tical on 21 June.
The MGEA’s price will scale down the price depending on the daily price fluctuation.
Apart from the members of the association, whoever can buy them freely at the office located on 67th Street between 40th and 41st Street, Mahamyaing 1 Qt, by presenting the citizenship scrutiny card and household registration document. For further details, please contact the office. The MGEA is open for gold trading except the weekends and bank holidays.
The prevailing price of pure gold fetched up to K3.14 million per tical at the grey market, tracking the spot gold price rally at US$1,935 per ounce and Kyat depreciation to around K3,000 against the US dollar.
Myanmar’s gold price is highly correlated with the spot gold price and the US dollar exchange rate. The soaring dollar exchanging at over K4,500 pushed the gold price up to a record-high of K3.7 million per tical in late August 2022.
To lower the gold price, the Ministry of Natural Resources and Environmental Conservation has been selling gold ingots under the competitive bidding system in Yangon, Mandalay and Nay Pyi Taw. With an aim at reducing gold prices, the YGEA and Mandalay Gold Entrepreneurs Association sold gold bullion supplied by the executive members and the members as well. — NN/EM