Tracking spot gold price rally, the Yangon Gold Entrepreneurs Association (YGEA) raised the pure gold price to K3.72 million per tical (0.578 ounce or 0.016 kilogramme).
The spot gold price on 27 December rose to US$2,064 per tical.
On 5 December, the Central Bank of Myanmar (CBM) allowed authorized dealers (private banks) to conduct online forex trading freely at a market rate determined by supply and demand dynamics.
Following the CBM’s forex liberalization, the YGEA’s reference price is relatively similar to the actual market value.
Earlier, the gap between them widened at K400,000-K500,000 per tical as the YGEA used the interbank transaction rate set by the CBM in calculating the reference price for pure gold.
The US dollar is currently exchanged at K3,500 at the over-the-counter market.
When the Kyat depreciated at K4,000 against the greenback in the forex market, the gold price peaked at K4 million per tical in late August 2023. — NN/EM
