The Yangon Region Gold Entrepreneurs Association (YGEA) has decided that all members must trade gold at or below the prescribed price and stop trading if they cannot do so.
This resolution was made at the special meeting of the YGEA for stabilizing gold price and it must be followed by all gold traders and gold shop owners in the market.
Based on the unfounded rumours and various fake news, the sellers have been speculating the gold price in the market and the relevant authorities are taking action against them after investigation.
U Myo Myint, chairman of the YGEA, has said that the authorities concerned have taken action against gold traders, shopkeepers and some groups who made verbal deals and were involved in speculation. The association has also specifically requested gold traders in the market not to speculate based on rumours.
YGEA’s prices per tical of premium gold on 15 March and 16 March were K3,797,000 and K 3,796,500 respectively at 10 am opening, K3,794,300 and K 3,794,500 respectively at 12:30 mid-day, and K3,796,500 at 2:30 pm closing on 15 March.
MT/ZN
