Yangon gold market to resume on 26 October

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A salesgirl is seen at a gold shop in Yangon. Photo: Phoe Khwar

Yangon gold market, which has suspended its sale because of the outbreak of COVID-19, will resume its sale commencing from 26 October, according to Yangon Gold Entrepreneurs Association (YGEA).
The Yangon gold market has planned to operate in conformity with the Covid rules prescribed by the Health Department and under the supervision of YGEA. The association members must follow the rules and regulations.
Moreover, the association’s office can accommodate only 30 persons. So, the association has requested the brokers, buyers, sellers and shopkeepers to understand the rules and work peacefully and safely in COVID-19 period.
Besides, the association has made necessary arrangements to enable the sale in the gold market via zoom application.
Presently, the YGEA’s members have been trading the gold starting from the first week of October at the Yangon YGEA office located in Shwebontha Township, YGEA Chair U Myo Myint said.
Yangon gold market was temporarily closed on 15 September on account of the outbreak of coronavirus. During the suspension period, the price of yellow metal stood at over K1.3 million per tical (0.578 ounces). Gold trading has started at the cost of over K1.3 million in the first week of October.
The pure domestic gold fetched K1,314,500 per tical on 23 October while the global gold price hit US$1,906 per ounce.
During the suspension period, some gold shops in Yangon which are operating at home are still running in their way. They like to sell the gold rather than buying it, he added.
There are more than 10,000 gold shops in Yangon region and about 50 visses of gold could be sold daily before the pandemic.
During the first wave of COVID-19, Yangon gold market was closed between 29 March and 18 May.(Translated by Hay Mar)

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