YGEA opens virtual gold market through Zoom

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Yangon Gold Entrepreneurs Association (YGEA) opens virtual gold market on 26 October 2020.  Photo: Supplied

By Nyein Nyein

Yangon Region Gold Entrepreneurs Association (YGEA) launched virtual trade through Zoom application on 26 October. Yangon Region gold market, which has temporarily suspended amid the COVID-19 resurgences, was back into business on 26 October. The virtual trade is also available through the Zoom app.
The members of YGEA must adhere to the health guidelines issued by the Ministry of Health and Sports and rules set by the YGEA while trading in the meantime. At present, a gathering of not more than 30 people are allowed. YGEA urged the traders, shop owners and customers to follow the rules. Yangon gold market was temporarily closed on 15 September amid the coronavirus crisis, and the price of yellow metal stood at over K1.3 million per tical (0.578 ounces, or 0.016 kilogrammes) then. The gold was priced at over K1.3 million in early October as well. The pure gold fetched K1,313,000 per tical on 26 October, while global gold was pegged at US$1,897 per ounce.
Despite the closure of Yangon gold market, small shops, which are operated at their own houses, are still running in Yangon Region. They like to get selling rather than buying, U Myo Myint, chair of YGEA said. There are more than 10,000 gold shops in the region, and about 50 visses of gold were traded earlier. During the first wave of COVID-19, Yangon gold market was closed between 29 March and 18 May. (Translated by Ei Myat Mon)

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