10 June 2024
After the State Administration Council (SAC) summoned U Myo Myint, Chairman of the Yangon Region Gold Entrepreneurs Association (YGEA) and U Win Myint, Secretary, on the conditions of gold price calculation, YGEA’s set gold price was reduced to 4,655,047 kyats today.
As the price of gold rose to more than 5800,000 kyats in the last week of May due to the manipulation of the gold and dollar prices by misleading information. On June 2, the price of gold dropped by 350,000 kyats immediately after it was announced that measures had been taken against some gold shop owners and brokers who raised the price.
Even at the time of such a price drop, YGEA increased the reference price, which had already been set from around 3,999,000 Kyats to more than 41,00,000 Kyats, to 850,000 Kyats and up to 4,871,000 Kyats. As such, YGEA’s officials were summoned to inspect the gold price setting situation, and today it was reduced to 4,655,047 kyats, which is more than 210,000 kyats lower than the price they had raised.
However, the price of domestic gold has decreased since the start of the crackdown on unscrupulous people, and it is currently being sold at more than 5200,000 kyat per piece of bark gold.
