YGEA strives for gold market stability

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Myanmar gold market has risen along with the dollar gain in the local forex market. Yangon Region Gold Entrepreneurs Association (YGEA) reportedly decided not to sell the gold to those who influence and manipulate the gold market.
The decision was made at the monthly meeting of the YGEA held May-end.
“The main point is not to sell those traders who practise market manipulation. Only gold retailers and gold shops from regions and states are available to buy the gold. It’s an attempt to control the price as well,” U Win Myint, general secretary of YGEA, pointed out.
The precious yellow metal fetched K1,568,000 per tical (0.578 ounces or 0.016 kilograms) in May-end. The price of pure gold slightly increased to K1,573,000 per tical on 1 June. The price will not fluctuate widely on account of the concerted efforts.
The domestic gold market was bullish, tracking the dollar gains in the local forex market. The price reached an all-time high of K1,706,000 per tical on 12 May, while the dollar exchange rate against Kyat strengthened up to K1,760. The rate is recorded as the highest in history.
At the monthly meeting, U Myo Myint, chair of YGEA, delivered an opening remark, and the patron U San Lwin also remarked. Secretary U Win Myint discussed ways to stabilize the gold price with the members of the YGEA. The association concluded to avoid bulk sale with gold shops and stop selling them to those traders who purposely manipulate the market. —Myint Maung/GNLM

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