13 December 2024
The Ministry of Natural Resources and Environmental Conservation has officially announced in a state-owned newspaper that action will be taken against those who do not sell at the gold reference price set by the Mineral (Gold) Reference Price Setting Committee and those who do not apply for a mineral (gold) trading service license.
The Ministry of Natural Resources and Environmental Conservation has announced in newspapers published on October 30, 2024, that to operate a mineral (gold) trading service, an application for a business license must be obtained by Notification No. 055/2024 issued on October 25, 2024, and that failure to comply with the specified terms and conditions will result in action by Section 5 of the Essential Goods and Services Law.
Then, starting from December 6, the Mineral (Gold) Reference Price Determination Committee announced that the Market Rate of per tical (16.329325 grams) with 19.25 grammes of the density of gold and above has been published daily on Myanmar Radio and Television (MRTV), Myawaddy Television (MWD), Myanmar Radio, the website of the Ministry of Natural Resources and Environmental Conservation www.mining.gov.mm and the Facebook page of the Yangon Region Gold Entrepreneurs Association (YGEA).
Those who wish to operate a mineral (gold) trading service business have been notified to apply for a business license starting from November 18, 2024, so they have been reminded to apply within (3) months, until February 17, 2025.
The Mineral (Gold) Reference Price Determination Committee has announced that starting from December 6, those who do not provide mineral (gold) trading services at the daily published price at the mineral (gold) reference price (Market Rate) and those who do not apply for a mineral (gold) trading service license within (3) months from the date of announcement that they can start applying will be subject to action in accordance with Section 5 of the Essential Goods and Services Law.
The national-level Mineral (Gold) Reference Price Setting Committee has started setting the gold reference price, and direct national-level action will be taken against gold shops that do not sell at the set gold reference price, Yangon Region Gold Entrepreneurs Association (YGEA) Chairman U Myo Myint told MT News.
Today, the reference price set by the Mineral (Gold) Reference Price Setting Committee is Ks5,380,000, an increase of Ks50,000 from the price set on December 6, when the world gold price rose by around $70. However, today, in the external market, one gold bar is being sold for Ks6,180,000, which is Ks800,000 higher than the reference gold price.
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