CNI News
2 March 2024
Despite reports that the price of gold within the country has reached over 39 lakhs at present, the price was just a rumor, denied the Yangon Gold Entrepreneurs Association (YGEA).
Gold shops were not trading at that price and they were trading at a little higher price than the one designated by the YGEA, said association.
According to the prices of gold released by the YGEA on 29th February 2024, the price of pure gold is about 3.661,000 million kyats and there is a gap of 200,000 kyats between the selling price of gold of gold shops and the one designated by the YGEA, according to the gold market.
Gold shops selling at a price much higher than the reference price will be taken action against by closing them for three months, U Myo Myint, chairman of the YGEA, told CNI News.
While seeing a gold shop
" The price of gold isn't 39 lakh kyats. It's just a rumor. If you go and sell your gold at this price, no one will buy your gold. If there' someone who will buy at this price, people will sell their gold by the ton. Real price is a little different from the one designated by the YGEA. If a gold shop sell at a much higher price than the price designated, the shop will be closed for three months by the department concerned." he said.
Because of spreading rumors and raising prices of gold, the gold market is volatile and the transaction is in a stalled state, according to the gold market. Most of gold shops have suspended sales reportedly.
Some people who buy and collect gold want to make a profit were creating the current situation to raise the price of gold by spreading rumors and most regular gold traders wanted the price of gold to fall and stabilize the price, U Ohn Myaing, secretary of the Myanmar Gold Entrepreneurs Association, told CNI News.
"I heard that price. But I don't know whether there is a transaction or not. I heard that the price was 3,885,000 kyats per tical not long ago. But now the price has been 3.9 million or over 3.9 million. The gold market has been volatile due to rumors kind of. People talking about this price online are not those who work in the gold industry. Those who have bought a viss of gold or as able as they could are posting the price online because they want to make a profit. Gold entrepreneurs want the price to fall or to be stable. Whenever they hold a large of money, they might make a profit. Only when the amount of gold increases in their hands, they make a profit." he said.
While seeing a gold shop
Although the relevant authorities called and interrogated gold shop owners and gold entrepreneurs as a regulator of the price of gold, it didn't help to stabilize the price of gold.
Moreover, domestic price of gold might exceed the record price that occurred last year, pointed out gold market analysts.
Domestic price of gold might remain around 38 lakh kyats per tical and the price might change only when the gold production from the gold mines would be suspended, said gold market analysts.
