3 June 2024
After arresting 21 people who made the price of gold unstable, arrest warrants were issued for gold shop owners and brokers who were behind it.The local gold rate dropped by 340,000 kyats from the closing price of the previous week (Friday) when the price opened today, according to the local gold trading market.
In the last week of May, the world gold price was around $2,340 per ounce, although the price remained stable. As the local gold price rose to more than 5800,000 kyats, the 21 people who acted to destabilize the country’s economy by driving up the price of gold, and those behind it, famous gold shops such as including Academy, Aung Samadhi, Weint Sein and Zwe Htet, 10 gold shop owners and brokers, are also absconding and arrest warrants have been issued by SAC on June 2 (yesterday).
After such announcement, today the local gold price fell to 5,260,000 kyats per piece of gold bark, which is 340,000 kyats lower compared to 5600,000 kyats on May 21st (Friday), when the price closed last week.
Yangon region gold entrepreneurs association previously set the reference gold price at around 3,999,000 kyats per piece of bark gold, since June 1st, the local price has been set at 4,140,200 kyats, so the gold entrepreneurs has considered that the local price may further decrease to around 41,00000 kyats, it is reported.
