Efforts being made to stabilize and develop gold market

Efforts are being made to stabilize and develop the gold market in Myanmar, said U Myo Myint, the chairman of Yangon Region Gold Entrepreneurs Association (YRGEA).
At the moment, the gold prices are soaring. Thus, efforts are being made to export Myanmar’s pure gold to the international market to revitalize the gold market, he added.
“Now, the domestic gold price is being restored. If we can export pure gold to other countries, we will earn foreign currency. This is the reason why we are trying to export gold,” said U Myo Myint.
Besides, the small business companies and the manageable-scale companies are granted hundreds of gold mines. They are resuming their gold prospecting businesses in Tanai, Shingbwiyang, Putao and Waimaw townships. Then, we are making an effort for all those raw gold materials to reach the Yangon market, according to YRGEA.
At present, the pure gold fetched about K1,362,000 per tical on 18 March in the domestic market while the global gold price hit US$1748 per ounce, according to the local gold market data.
Although the gold price is soaring in the domestic market, the market is keeping calm, said the chairman of YRGEA.
He also explained that the gold trading market is cool because it is difficult to withdraw money because of the banks’ closure, transfer the funds from one place to another, and go from one place to another because of the roads’ barricades. There is also no trading for lack of safety of the gold shops.
Consequently, the daily business of 50 visses (a viss equals 1.6kg) of gold was earlier done in the market. Now, about five visses are being daily traded.
In January 2021, the domestic gold fetched the highest price of K1,336,000 per tical on 6 January. It reached the lowest price of K1,316,000 per tical on 28 January. It reached the lowest level of K1,340,000 (2 February) and the highest level of K1,410,000 (3 February), the gold traders said.
The local gold price reached the lowest level of K1,310,500 (2 September) and the highest level of K1,314,000 (1 September). In October, the rate ranged between K1,307,800 (30 October) and K1,316,500 (21 October). The rate fluctuated between the highest of K1,312,000 (16 November) and the lowest of K1,278,000 (28 November). In December, the pure yellow metal priced moved in the range of K1,275,000 (1 December) and K1,333,000 (28 December).
With the global gold prices on the uptick, the domestic price hit fresh highs in 2019, reaching K1,000,000 per tical between 17 January and 21 February, crossing K1,100,000 (22 June to 5 August), climbing to K1,200,000 (7 August-4 September), and then reaching a fresh peak of K1,300,000 on 5 September, according to the gold traders. — NN/GNLM