Yangon gold market to reopen on 22 October

Gold 0
Gold jewellery displayed at a shop in Yangon. Photo : Phoe Khwar

By Nyein Nyein

Yangon gold market, which has suspended due to the COVID-19 resurgences, will be officially reopened on 22 October, said U Myo Myint, chair of Yangon Region Gold Entrepreneurs Association (YGEA). “Restriction has been imposed on the businesses, except essential enterprises, regarding passing from one township to another by 21 October. Consequently, the gold shops will reopen on 22 October. Also, the trading can start resuming at YGEA’s office on 22 October,” he said.
Starting from 12 October, the members of YGEA, who are located at the same township with YGEA office in Shwebontha Road, started trading the gold at the office. Yangon gold market was temporarily closed on 15 September amid the coronavirus crisis, and the price of yellow metal stood at over K1.3 million per tical (0.578 ounces, or 0.016 kilogrammes) then. Some shops were open at over K1.3 million on 12 October as well.
The pure gold fetched K1,313,500 per tical on 20 October, while global gold price stood at US$1,901 per ounce.
Despite the closure of Yangon gold market, small shops, which are operating at their own houses, are still running in Yangon Region. They like to get selling rather than buying, he continued. There are more than 10,000 gold shops in the region and about 50 visses of gold were traded earlier. During the first wave of COVID-19, Yangon gold market was closed between 29 March and 18 May. (Translated by Ei Myat Mon)

 

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