The domestic gold price slightly declined to K4.77 million per tical (0.578 ounce or 0.016 kilogramme) on 2 May after peaking at K4.85 million per tical on 26 April.
The figures reflected a decrease of K80,000 per tical within one week, following spot gold price moving down to US$2,310 per ounce.
Despite the rising pure gold market price, the Yangon Region Gold Entrepreneurs Association (YGEA) set the reference price at K3,999,000 per tical, showing a large gap of over K770,000 per tical with the actual market value.
The YGEA notified on 30 March that inspections were underway against those allegedly manipulating the market through a verbal deal.
Seven big gold shops in Yangon issue daily market prices three times a day. Nonetheless, those price speculators are attempting to raise the price by misleading price information that is not an actual transaction rate in the market. The YGEA condemned the unscrupulous traders and their dishonest acts. The YGEA asked its members to inform law enforcement agencies of the news regarding the manipulators.
The authorities are inspecting the alleged price speculators with the verbal deal in the market. — NN/EM
