Local spot gold prices experience slight decline

The pure gold price has turned marginally downward to K4,700,000 per tical, according to the gold market information.
The gold price on 19 April was K4,820,000 per tical. However, it slightly dipped to K4,710,000 per tical on 23 April.
As the global gold price declined and stood at US$2,300 per ounce on 23 April, Myanmar’s domestic spot gold price also decreased by over K100,000 per tical within a few days.
At present, the closing price of the reference rate for pure gold by the Yangon Gold Entrepreneurs Association (YGEA) stands at K3,999,300, though the market price is K4,710,000 per tical. Accordingly, the discrepancy between the market price and YGEA reference price is K700,000 for a tical.
On 10 April, before the Myanmar New Year holiday, the pure gold price in the domestic market broke a record standing at K4,840,000 per tical. Therefore, authorities are carrying out a probe into the manipulations of the gold market, the YGEA disclosed on 30 March.
The YGEA stated in its statement on 30 March that it regularly announces the gold market price three times a day based on the prices opened by seven gold shops in Yangon. However, ill-willed businesspeople, brokers and some traders manipulate the gold price, spreading misinformation about unreasonable prices in the gold market. The YGEA strongly denounces those misleading, unscrupulous traders, and the YGEA members will collaborate with authorities to maintain the gold market stability. — NN/TMT