Domestic gold market reopens at K1.2 million

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A staff shows gold bracelets to customers in Yangon.

By Nyein Nyein

Yangon gold market was reopened on 18 May at K1.2 million per tical (0.578 ounces, or 0.016 kilograms), according to Yangon Region Gold Entrepreneurs Association.
The domestic gold market was closed on 29 March due to the coronavirus outbreak and the price of pure gold stood only above K1.1 million in March.
In April, the gold market was remained closed amid the coronavirus risks. On 18 May, the Yangon gold market was reopened at K1,236,000 per tical.
Meanwhile, the global gold price touched a record high of US$1,760 per ounce.
In early September last year, the price of pure gold reached an all-time record of above K1,300,000 per tical in the domestic market, while the price of gold was pegged at US$1,550 per ounce in the global market, as per market data.
YGEA reopened the gold market on 18 May, yet the members of the association must strictly follow the health guidelines issued by the Ministry of Health and Sports. If they fail to comply with guidelines, they will be suspended one month to get access to the YGEA, it stated.
The YGEA office is open between 10 am and 2 pm. The members are advised to wear masks in the office, maintain physical distancing, prohibit food at work and avoid the crowd in the office. Only one person has to be used the stair at one time either.
There are over 10,000 gold shops in Yangon Region. Earlier, about 50 visses were daily traded, said YGEA Chair U Myo Myint. (Translated by Ei Myat Mon)

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