Efforts of YGEA: Aiming to stabilize the domestic gold market

With the guidance of Yangon Region Gold Entrepreneurs Association (YGEA) and officials concerned, efforts are being made to stabilize the gold market. In current gold market, the real price of gold is below 2.7 million Kyats per tical but gold prices manipulation has been made by some gold traders for their own benefit.  

According to the announcement of (YGEA), legal actions will be taken against the gold traders who make manipulations regarding with gold market in cooperation with officials concerned.

Chairman, YGEA, Myo Myint said "Although the gold price is below 2.7 million Kyats, external gold traders are making manipulations upon the gold price using various fake rumors. So, after the investigation of concrete facts, actions will be taken in line with the law to those who make speculations. Also, gold shops are requested not to sell more than 2.7 million Kyats."

Although the trading of the domestic gold market has been cool, the gold price is rising up because of speculators. According to YGEA, warnings have been given not to spread fake and fabricated rumors regarding with the gold market, not to manipulate the gold prices and to sell gold according to the specified prices set by the government.

There are more than 10,000 gold shops and the issuing processes of new metal gold licenses are underway for those gold traders across Myanmar.