YGEA to offer training courses on gold business free of cost in Dec

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Jewellery is seen at the gold outlet in Yangon.

Yangon Region Gold Entrepreneurs Association (YGEA) will offer training courses on gold business free of charge at its office at No 42/50 on Shwebontha Street, Pabedan Township between 1 and 10 December.
The respective experts will share education and knowledge about gold mining, gold refining, gold trading, laws to prevent money laundering and corruption, opening gold shops and refineries, gold mortgage, gold rate calculation, gold/silver coins and jewellery.
Those interested can take out enrolment forms free of charge at the office of the association. As the number of trainees is limited, they can contact YGEA’s contact number 09450049282 for further detail.
At present, pure gold fetched K2,658,000 per tical (0.578 ounce or 0.016 kilogramme) in the domestic market.
The domestic gold price is on the rise as it is influenced by the global gold spot price (US$1,744 per ounce).
YGEA raised the reference price of the yellow metal to K2,054,000 per tical tracking global gold spot price.
However, there is a large gap of K600,000 per tical between the YGEA price and the market price.
YGEA calculated the price depending on the Central Bank of Myanmar’s reference exchange rate of K2,100, with some addition. The dollar was exchanged at K2,900 in the black market.
Therefore, there is a large gap between the YGEA price and the market price based on the black-market dollar rate.
Meanwhile, YGEA 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 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. —NN/GNLM

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