With spot gold price rallying to around US$2,170 per ounce, domestic gold price reached a fresh new peak of K4.12 million per tical (0.578 ounce or 0.016 kilogramme) on 14 March 2024.
Meanwhile, the US dollar is exchanged at approximately K3,650 in the grey market.
Meanwhile, the Yangon Gold Entrepreneurs Association (YGEA) set the preference price at K3.7985 million per tical, indicating a large gap of around K320,000 per tical with the actual market value.
The YGEA called for traders to make gold transactions below the reference price and to avoid spread of false news and price manipulation. Those dealers attempt to market, owing to the spreading of misleading information. The authorities concerned are making efforts to deal with market abuse. Inspecting and prosecuting market manipulation are underway.
The dollar gaining up to K4,000 drove the gold price up to a record high of K4 million per tical in late August 2023. — NN/EM
