Mandalay Gold Entrepreneurs Association (MGEA) sold over 7 visses of pure gold at a special price within two weeks.
To stabilize the gold price, the MGEA commenced gold sell-off at K3,050,000 per tical (0.578 ounce or 0.016 kilogramme) at noon of 19 June and sold at K3,040,000 per tical on 20 June, K3,035,000 per tical on 21 and 22 June, K3,030,000 per tical on 23, 26, 27, 28 and 30 June and 3 July, K3 million per tical on 4, 5, 6 and 7 July respectively.
The MGEA sold the pure gold by drawing lots, not using a queuing system. Anyone can buy them freely during office days, except weekends and banking holidays.
The MGEA’s price wii cut the price depending on the daily price fluctuation. The MGEA will closely observe the purchase as some are selling queue spots.
Apart from the members of the association, whoever can buy them freely at the office located on 67th Street between 40th and 41st Street, Mahamyaing 1 Quarter, by presenting the citizenship scrutiny card and household registration document. For further details, please contact the office. The MGEA is open for gold trading except the weekends and bank holidays.
The prevailing price of pure gold fetched up to K3.14 million per tical at the grey market, tracking the spot gold price rally at US$1,920 per ounce and Kyat depreciation to around K3,100 against the US dollar.
Myanmar’s gold price is highly correlated with the spot gold price and the US dollar exchange rate. The soaring dollar exchanging at over K4,500 pushed the gold price up to a record-high of K3.7 million per tical in late August 2022.
To lower the gold price, the Ministry of Natural Resources and Environmental Conservation has been selling gold ingots under the competitive bidding system in Yangon, Mandalay and Nay Pyi Taw.
With an aim at reducing gold prices, the YGEA and Mandalay Region Gold Entrepreneurs Association sold gold bullion supplied by the executive members and the members as well. — NN/EM