According to market reports, domestic gold prices are falling due to the announcement that gold coins will be sold.
The reference price statement of the Yangon Region Gold Entrepreneurs Association mentioned that for the first time this year, the reference price dropped below K2 million per tical.
The Ministry of Natural Resources and Environmental Conservation issued a press release on 1 September 2022, saying that it plans to sell gold coins weighing one tical, 0.5 tical, and 0.25 tical respectively.
Following the announcement, the Yangon gold market index reached K1,996,000 per tical on 2 September 2022. The price of one tical was over K3 million in the market.
Source: The Global New Light of Myanmar