Following the spot gold price rally to over US$2,170 per ounce and kyat depreciation to approximately K3,740 against the US dollar on 26 March 2024, domestic gold price hit a fresh new peak of K4.31 million per tical (0.578 ounce or 0.016 kilogramme).
Meanwhile, the Yangon Gold Entrepreneurs Association (YGEA) set the reference price at K3.7989 million per tical, showing a large gap of over K500,000 per tical with the actual market value.
The YGEA warned gold traders to halt business unless they make transactions below the YGEA’s reference price, according to a notification released on 16 March.
Those unscrupulous dealers are manipulating the market by misleading information. Authorities concerned are inspecting the cause of price fluctuations, and legal proceedings against them are being undertaken, the notification stated. As a result of this, the YGEA requested dealers to make gold transactions below the set reference price and avoid the spread of false news and price manipulation on 12 March.
The kyat depreciation to K4,000 against the US dollar drove the gold price up to a record high of K4 million per tical in late August 2023. — NN/EM
