The Mandalay Gold Entrepreneurs Association (MGEA) sold pure gold at over K3 million per tical (0.578 ounce, or 0.016 kilogramme) on the 11th day, whereas the price rocketed at over K3.1 million per tical in the grey market.
There is a price gap of over K100,000 per tical between the MGEA’s price and the unofficial market rate.
The MGEA sold the pure gold by drawing lots, not using a queuing system. Anyone can buy them freely during the office days, except weekends and banking holidays.
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, 27, 28 and 30 June and 3 July respectively.
The MGEA’s price will cut the price depending on the daily price fluctuation.
The prevailing price of pure gold fetched up to K3.16 million per tical at the grey market, tracking the spot gold price rally at US$1,928 per ounce and Kyat depreciation to around K3,100 against the US dollar.—NN/EM
MGEA sells pure gold at over K3 mln per tical, despite higher price at over K3.1 mln at current price
- July 05, 2023
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