YGEA requests gold shops to sell pure gold at K2,530,000 per tical

Yangon Region Gold Entrepreneurs Association (YGEA) has called for the gold shops in Yangon Region to sell pure gold at K2,530,000 per tical, according to its notification released on 30 October 2022.
The YGEA issues reference prices on a daily basis and it was set at K1,935,000 per tical when the global gold spot price was US$1,643 per ounce on the morning on 31 October.
However, the market price of the precious yellow metal is around K2.6 million per tical, showing a big gap between the price set by the YGEA and the market price.
YGEA calculated the price depending on the Central Bank of Myanmar’s reference exchange rate of K2,100. Meanwhile, a dollar is exchanged at around K3,000 in the black market.
That is why there is a large gap between YGEA’s price and the market price based on the black market dollar rate.
The soaring dollar exchanging at over K4,500 pushed up the pure gold price to a record-high of K3.7 million per tical in late August.
The Ministry of Natural Resources and Environmental Conservation sold three visses of gold ingots each in Yangon and Mandalay under the auction system on 6 October. A tical of gold fetched approximately K2.5 million.
Additionally, the ministry has been selling gold coins in Yangon, Mandalay and Nay Pyi Taw.
With an aim at reducing gold price, Yangon Region Gold Entrepreneurs Association (YGEA) sold approximately 1,277 ticals of gold bullion supplied by the executive members and the members of the YGEA at K2.5 million per tical on 12 and 13 September.
On 7 October, Mandalay Region Gold Entrepreneurs Association also sold seven visses of gold—ten ticals to each individual-in a bid to reduce the gold price. A gold bar weighs 10 ticals.
The price of pure gold was K2,540,000 per tical then. Moreover, MGEA continued to sell them depending on the supply of gold bars by gold refineries, traders, shops and members. — NN/GNLM