YGEA attempts to control gold price under special investigation team

Yangon Region Gold Entrepreneurs Association (YGEA) made an effort to stabilize the gold price as per the instructions of the special investigation team.
During the investigation period, some social media users reportedly shared unidentified fake news referencing mainstream news media to intentionally damage the association’s reputation. That info and the fake news are not associated with the association, and the YGEA is not liable for any problem incurred. They are subject to those users who shared the fake news, according to the YGEA’s notification dated 17 May.
At present, YGEA has restricted buying from regions and state other than Yangon. Additionally, YGEA has urged the members to run cash only for the gold transaction.
Moreover, the illegal importers and the person who practises overtrading with negligence will face serious legal action.
On 12 May, the price of precious yellow metal hit the all-time highest of K1,709,000 per tical (0.578 ounces, or 0.016 kilograms) in history. The pure gold price has decreased to K1,595,000 per tical on 17 May, dropping significantly by K110,000 per tical within a week.
Meanwhile, international gold price stood at US$1,852 per ounce on 17 May. The dollar exchange rate against Kyat is valued at K1,675. – NN/GNLM