YGEA sets pure gold price lower to K3.58 mln on weak global trend

With the spot gold price dip below US$2,000 per ounce, the Yangon Region Gold Entrepreneurs Association (YGEA) accordingly lowered the gold reference price to K3.587 million per tical (0.578 ounce or 0.016 kilogramme).
Pure gold market price hit K3.87 million per tical in the grey market. There is a large gap of over K280,000 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 for interbank transactions in calculating the reference price for pure gold.
Last 5 December, the CBM allowed authorized dealers (private banks) to operate forex exchanges freely as per the market rate determined by the supply and demand market forces.
Additionally, the CBM notified that outward remittance must comply with the rules and regulations of the Foreign Exchange Management Committee.
The dollar gained to around K3,540 on 19 August 2023.
Along with the US dollar gain and record high gold price in August 2023, the domestic gold price hit K4 million per tical, and the Kyat-dollar exchange rate hit K4,000. — NN/KK