MARKET manipulation contributes to significant price swings in the domestic gold market, U Myo Myint, chair of the Yangon Region Gold Entrepreneurs Association (YGEA), stressed during the opening ceremony of the Awareness Course for Anti-Money Laundering and Countering the Financing of Terrorism (Batch 27) held on 12 December at the YGEA office.
There are unscrupulous gold traders who are spreading misleading information in an attempt to influence the price of gold for their own benefit.
The set gold reference prices are only K5.98 million per tical (16.329325 grammes) with 19.25 grammes of the density of gold at present. Yet, the gold price surged to K8.94 million per tical in the black market, showing an exorbitant high of K2.9 million per tical.
The Mineral (Gold) Reference Price Determination Committee was formed on 25 October 2024 in line with the existing rules and laws, with an aim to stabilizing the gold price.
Over 1,000 gold shops have sought a metal (gold) trading licence in Yangon Region. Around 1,500 gold shop operators have been seeking gold shop business licences, with two new shops opening every month, YGEA stated. — ASH/KK
