YGEA’s set gold price remains unchanged at K2,060,000 per tical despite over K2.2 mln in market

Although the exchange rate is high and the gold price reaches over K2.2 million in the out-of-the-counter market, the Yangon Region Gold Entrepreneurs Association (YGEA) set the pure gold price at K2,060,000 per tical.
Therefore, the gold prices are about K200,000 different between YGEA’s set price and the market price. The transaction is totally slack. In the market, it is K2,800 per dollar and the gold price is also rising at the same as the exchange rate. However, the manipulators set these prices and there is no transaction at these prices, said YGEA Chair U Myo Myint.
The gold prices released by the YGEA are low and the prices are high outside Yangon and the illegal cross-border gold market is active again, he added.
According to daily price data released by YGEA, global gold price stands at US$1,766 per ounce, while pure gold has been set at K2,060,000 per tical since 18 July.
During the end of September 2021, a dollar value hit an all-time high of over K3,000 and consequently, the pure gold reached a record high of K2.22 million per tical in history.
Under the guidance of the Central Committee on Ensuring Smooth Flow of Trade and Goods, the Monitoring and Steering Committee on Gold and Currency Market was formed on 17 December 2021 as gold and currency market stability play a crucial role in trade facilitation. The objectives of the committee are inspecting and prosecuting market manipulation, checking if there is compliance with payment rules in the domestic market, and proceeding against those unscrupulous traders who intend to interfere with the free and fair operation of the market under the existing laws, by-laws and regulations in line with official directives, illegal foreign currency holding, illegal trade and taking legal actions against price manipulators. — NN/GNLM