ACCORDING to the Mineral (Gold) Reference Price Determination Committee, pure gold reference prices dropped by K140,000 per tical within almost two weeks.
The committee set the pure gold reference price at K5.26 million per tical (16.329325 grammes) with 19.25 density on 26 December, down from K5.4 million on 13 December.
The Mineral (Gold) Reference Price Determination Committee has issued daily gold reference prices for a tical of pure gold (16.329325 grammes) with 19.25 density since 6 December through MRTV, MWD, the MNREC website www.mining.gov.mm and YGEA Facebook page.
The committee was formed on 25 October 2024 to issue gold reference prices under existing laws, rules and regulations to stabilize gold prices.
The deputy minister for Natural Resources and Environmental Conservation played a key role as the committee chairperson and the deputy governor of the Central Bank of Myanmar acted as vice-chairs.
The objectives behind the committee are setting daily reference gold prices through virtual meetings with the presence of three-quarters of the committee members, influenced by those factors. CBM’s exchange rate, Myanmar’s gold measurement as per some appraisal methods issued by the Ministry of Finance and Revenue in 1967 for gold price stability, spot gold price, prices of neighbouring countries, forex exchange rates and domestic gold market outlook.
The committee considers and analyzes the gold price submitted by the gold reference price evaluating task force comprising gold traders. Then, the committee links with the Ministry of Information to announce the daily gold reference prices. It amends prices upon real-time information of spot gold prices, forms working groups where necessary, stops gold market manipulation attempts, and coordinates with the Monitoring and Steering Committee on Gold and Currency Market and Federation of Myanmar Gold Entrepreneurs, Yangon Region Gold Entrepreneurs Association, Mandalay Region Gold Entrepreneurs Association, relevant gold institutions, and experts. — NN/KK
