MGEA sells pure gold at over K3.03 mln per tical by drawing lots

Mandalay Gold Entrepreneurs Association (MGEA) sold pure gold at over K3.03 million per tical (0.578 ounce, or 0.016 kilogramme) by drawing lots, not under queuing system.
“The MGEA sold the pure gold by casting lots. It no longer used a queuing system. Anyone can buy them freely at noon. Drawing lots system will be continued in the upcoming days,” said an official of the MGEA.
The MGEA will closely observe the purchase as some are selling queue spots.
In order to stabilize the gold price, the MGEA commenced gold sell-off at K3.05 million per tical at noon of 19 June and sold at K3.04 million per tical on 20 June, K3.035 million per tical on 21 and 22 June and K3.03 million per tical on 23, 26 and 27 June.
The MGEA’s price will scale down the price depending on the daily price fluctuation.
Apart from the members of the association, whoever can buy them freely at the office located on 67th street between 40th and 41st streets, Maharmyaing 1 Qt, by presenting the citizenship scrutiny card and household registration document. For further details, please contact the office. The MGEA is open for gold trading except the weekends and bank holidays.
The prevailing price of pure gold fetched up to K3.3 million per tical at the gray market, tracking the spot gold price rally at US$1,916 per ounce and Kyat depreciation to around K3,300 against the US dollar.
Myanmar’s gold price is highly correlated with the spot gold price and US dollar exchange rate. The soaring dollar exchanging at over K4,500 pushed the gold price up to a record-high of K3.7 million per tical in late August 2022.
In order to lower the gold price, the Ministry of Natural Resources and Environmental Conservation has been selling gold ingots under the competitive bidding system in Yangon, Mandalay and Nay Pyi Taw.
With an aim at reducing gold price, the YGEA and Mandalay Region Gold Entrepreneurs Association sold gold bullion supplied by the executive members and the members as well. — NN/EM