The domestic gold price declined to K4.4 million per tical (0.578 ounce or 0.016 kilogramme) on 2 April after hitting an all-time high of K4.535 million per tical on 30 March 2024, reflecting a drop of over K100,000 per tical in the past three days.
The spot gold price hit over US$2,250 per ounce on 2 April, and the kyat-US dollar exchange rate is K3,880.
The domestic gold price is on the high side on account of the spot gold price rally and kyat depreciation against the dollar. The Yangon Region Gold Entrepreneurs Association (YGEA) set the reference price at K3.8743 million per tical, showing a large gap of over K520,000 per tical with the actual market value.
The YGEA was notified on 30 March that an inspection was being undertaken against those allegedly manipulating the market with a verbal deal.
Seven big gold shops in Yangon issue daily market prices three times a day. Nonetheless, those price speculators are attempting to raise the price by misleading price information that is not an actual transaction rate in the market. The YGEA condemned those unscrupulous traders and their dishonest acts. The YGEA asked its members to inform law enforcement agencies of the news regarding those manipulators. The authorities are inspecting those alleged price speculators with the verbal deal in the market. The YGEA also requested their members to follow the YGEA’s reference price and warned them not to be involved in those verbal deals of the brokers.
Additionally, the YGEA notified gold shop owners of seeking a gem trading certificate and gold trading licence for gold ingot issued by the Yangon City Development Committee. Despite the YGEA’s reference price, spot gold price rally and kyat depreciation in the forex market pushed up the gold price to a record high of over K4.5 million per tical. — NN/EM
