YGEA informs shops to open daily, to sell at prescribed rate for gold price stability

photo 2024 06 05 16 20 00
A gold shop operating previously. Photo Xinhua

The Monitoring and Steering Committee on Gold and Currency Market and other relevant departments have been supervising the market, and gold shops are informed to open daily and to sell at the prescribed rate for gold market stability, the Yangon Region Gold Entrepreneurs Association (YGEA) announced on 5 June.

The YGEA announces gold prices three times a day and the shops are notified to sell at these prescribed rates, YGEA said. In addition, gold shops will be required to open daily, according to the statement.

If any shop is found to be failing to comply with these instructions when the relevant authority comes and inspects, severe action will be taken, it announced as a prior warning.

Following the interrogations of some gold entrepreneurs by the concerned authorities on gold market situation, 21 illegal gold traders were arrested on 2 June and it has been carrying out to take legal action against 10 manipulators who were on the loose, including officials from Weint Sein Gold Shop, Zwe Htet Gold Shop and Aung Thamadi Gold Shop.

MT/ZN

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