Pure gold price jumps to K2.7 mln per tical in domestic market

The prices of pure gold edged up to over K2.7 million per tical (0.578 ounce, or 0.016 kilogramme) in the domestic market.
The price has risen tracking the increase in global gold spot price, which stands at US$1,823 per ounce. Therefore, Yangon Region Gold Entrepreneurs Association (YGEA) raised the reference price to K2,147,500 per tical.
There is a gap of over K500,000 per tical between the reference price and market price.
YGEA calculated the price depending on the Central Bank of Myanmar’s reference exchange rate of K2,100, with some addition, said U Myo Myint, chair of YGEA.
The US dollar is exchanged at K2,850 in the unofficial forex market.
Meanwhile, YGEA called for the gold shops in Yangon Region to sell pure gold at K2,530,000 per tical, according to its notification released on 30 October 2022.
The soaring dollar exchanging at over K4,500 pushed up the pure gold price to a record-high of K3.7 million per tical in late August.
For the gold price to decline, the Ministry of Natural Resources and Environmental Conservation has been selling gold ingots in Yangon, Mandalay and Nay Pyi Taw under the auction system.
With an aim at reducing gold prices, the YGEA and Mandalay Region Gold Entrepreneurs Association sold gold bullion supplied by the executive members and the members as well. – NN/EMM