The Yangon Region Gold Entrepreneurs Association (YGEA) has urged its member gold traders to exercise restraint when buying and selling gold using a cash-down system. This request was issued on 24 January.
Additionally, the association has asked its members to refrain from engaging in transactions involving high prices or large quantities of gold.
Presently, the prices of pure gold in the gold market are experiencing an upward trend, reaching K3,845,000 per tical. Despite this significant increase, YGEA’s reference rate for pure gold remains at K3,643,900 per tical. Consequently, there is a K200,000 difference between the YGEA reference price and the prevailing market price.
The latest exchange rate in the market stands at K3,500 for one dollar. Market records indicate that the price of pure gold peaked in the domestic market in late August 2023, coinciding with a soaring forex rate of K4,000 for one dollar. During that period, the price of gold even approached K4 million in the gold market.
On 5 December, the Central Bank of Myanmar authorized online forex trading in a floating market, allowing Authorized Dealers to engage in trading based on demand and supply without direct involvement from the Central Bank of Myanmar in setting the forex rate. – NN/ TMT
