YGEA to issue gold transport permit for members

September 16


YANGON Region Gold Entrepreneurs Association (YGEA) will grant a permit for the members to secure gold transportation to and from gold refineries and holding a large amount of cash, said U Myo Myint, chair of YGEA.


This permit is to secure transportation for precious gold metals and a large amount of cash during the inspection.


“We have to carry scrap gold items to Academy gold refinery located in the North Dagon Industrial Zone and Bathan gold refinery in the Thakayta Industrial Zone. We need to pass the security gate on our way to and from the refineries. Therefore, transport permit is required,” said U Myo Myint.


That permit will include a photo of the gold carrier, national registration card, business name, its contact number and the contact number of YGEA.


The members of YGEA are encouraged to submit a list to the YGEA, the association stated.


The precious pure gold metal is priced at the high of K1,820,000 per tical (0.578 ounce, or 0.016 kilogram) on 15 September, while the global gold price stood at only US$1,803 per ounce.


The domestic gold market is facing a bumpy ride. On 11 September the yellow metal hit an-all time high of K1,900,000 per tical. As a result of this, YGEA urged its members to regulate trade in order to deal with market volatility.


To regulate unsustainable rally in the domestic gold market, the association called for the gold retailers to make gold transactions with only immediate payment, avoid the verbal transactions over calls and halt trading outside the Yangon region, according to YGEA. — NN/ GNLM