YGEA gold reference price surges to K3.26 mln per tical amid global trends

With the spot gold price rallying to US$2,072 per ounce, the Yangon Region Gold Entrepreneurs Association (YGEA) raised the reference price to K3.259 million per tical (0.578 ounce or 0.016 kilogramme) accordingly.
Pure gold market price hit a high of K3.73 million per tical in the grey market. There is a large gap of over K470,000 per tical between the YGEA’s reference price and the unofficial market’s rate.
The YGEA switched to the Central Bank of Myanmar’s exchange rate (K2,900) for interbank transactions in calculating the reference price for pure gold. The US dollar is currently exchanged at approximately K3,430 in the grey market. The US dollar exchange rate weighs the gap between the domestic gold market value and YGEA’s reference gold price. When the dollar exchange rate gained to K4,000, the gold price hit a record high of K4 million per tical in late August 2023. — NN/EM