Yangon Region Gold Entrepreneurs Association (YGEA) sets reference prices as international gold spot prices swing.
The volatility in global gold spot prices this month resulted in a variation of the YGEA’s reference price. The gold spot prices fluctuated between US$1,770 and US$1,800 per ounce in December.
At present, it stands at $1,793 per ounce, while YGEA sets the pure gold price at K2,112,000 per tical (0.578 ounce or 0.016 kilogramme).
Yet, the precious yellow metal is priced at K2,685,000 per tical in the unofficial market. Consequently, the figures showed a large difference of K570,000 per tical between YGEA’s reference 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 K2,840 in the grey market.
Therefore, there is a large gap between the YGEA’s 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.
For the gold price to decline, the Ministry of Natural Resources and Environmental Conservation has been selling gold ingots in Yangon, Mandalay and Nay Pyi Taw under the auction system.
With an aim at reducing gold prices, the YGEA and Mandalay Region Gold Entrepreneurs Association sold gold bullion supplied by the executive members and the members as well. NN/EMM