Yangon Region Gold Entrepreneurs Association (YGEA) raised the reference price of yellow metal to K2.1 million per tical as gold spot price climbed in international markets. When the gold spot price was US$1,668 per ounce on 8 November, YGEA set the pure gold price at K1,965,000 per tical (0.578 ounces or 0.016 kilogramme). On 15 November, the gold spot price rallied to $1,783 per ounce. Therefore, YGEA hiked up the reference price to K2.1 million per tical.
The gold spot price jumped by $110 per ounce within one week. The pure gold price was up by K135,000 per tical. Despite the YGEA’s reference price, pure gold touched a high of K2.7 million per tical in the domestic markets. There is a gap of about K600,000 per tical between the YGEA’s reference price and market price.
YGEA calculated the price depending on the Central Bank of Myanmar’s reference exchange rate of K2,100, with some addition. The dollar was exchanged at K3,000 in the black market. Therefore, there is a large gap between the YGEA’s price and the market price based on the black- Meanwhile, YGEA called for the gold shops in Yangon Region to sell pure gold at K2,530,000 per tical, according to its notification released on 30 October 2022. The soaring dollar exchanging at over K4,500 pushed up the pure gold price to a record-high of K3.7 million per tical in late August.
Source: The Global New Light of Myanmar