YGEA: inspection for gold price speculators underway

Yangon Region Gold Entrepreneurs Association (YGEA) notified on 30 March that an investigation was being undertaken against those allegedly manipulating the market with a verbal deal.
Seven big gold shops in Yangon issue daily market prices three times a day. At present, the domestic pure gold price gained to K3.83 million per tical (0.578 ounce or 0.016 kilogramme) on 30 March, and there is no price change on that day.
Nonetheless, those price speculators are attempting to hike up the price by misleading price information that is not an actual transaction in the market. The YGEA condemned those unscrupulous traders and their dishonest acts. The YGEA asked its members to inform law enforcement agencies of the news regarding those manipulators.
The authorities are inspecting those alleged price speculators with the verbal deal in the market.
The YGEA also requested their members to follow the YGEA’s reference price and warned them not to be involved in those verbal deals of the brokers.
Additionally, the YGEA notified gold shop owners of seeking a gem trading certificate and gold trading licence for gold ingot issued by the Yangon City Development Committee.
Despite the YGEA’s reference price, spot gold price rally and kyat depreciation in the forex market pushed up the gold price to a record high of over K4.5 million per tical. — NN/EM