The domestic gold market price was opened at over K4.82 million per tical (0.578 ounce or 0.016 kilogramme) on 19 April despite the closing price of around K4.71 million per tical on 11 April before Thingyan holidays.
The peak in the opening price was attributed to the spot gold price rally and kyat depreciation against the US dollar.
The spot gold price climbed to US$2,380 per ounce on 19 April, while the kyat- US dollar exchange rate was K3,890.
Prior to the Myanmar New Year (Thingyan holidays), gold prices hit a record high of K4.84 million per tical on 10 April.
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 rates 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. YGEA condemned those unscrupulous traders and their dishonest acts. YGEA asked its members to inform law enforcement agencies of the news regarding those manipulators.
The market exchange rates are officially announced on the online trading platform of the foreign exchange market. Additionally, CBM lets authorized money changers sell foreign currency as petty cash to those studying abroad, going on a pilgrimage, and working abroad, according to CBM’s notification on 30 March.
Some unscrupulous individuals are attempting to manipulate the gold and currency market by spreading misinformation from the verbal deal or sparking public concerns with malicious news about the volatile exchange rate. Some are also engaged in transactions without a valid licence, violating the existing laws.
They will face legal action under the Foreign Exchange Management Law. The CBM also informed the people of assessing accurate information and data released by the departments concerned and authorized money changers.
CBM constantly states that it is essential to dispel false news. Upon tips off, the authorities inspect the price speculators, and legal proceedings against them are officially declared, according to its notification released on 30 March. — NN/EM
