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YGEA urges members to run cash only for gold transaction

Yangon Region Gold Entrepreneurs Association (YGEA) has called for the members to make the gold transaction with only immediate cash payment. That move will regulate unsustainable rally in the gold market and urge the members to run a cash only for gold transaction in the same regions and states in order to avoid the verbal transactions over calls, said U Myo Myint, chair of YGEA. For instance, a purchase via Mawlamyine, Mandalay, and Pathein over a phone call is unaccepted. Only the transaction with immediate payment in Yangon Region is allowed to avoid unsustainable and unsafe rally.

Last 24 April, YGEA held the meeting, highlighting the stability of the gold market, running cash only for the gold transaction and make a analysis on market rumours. The price of domestic yellow metal reached K1,453,000 per tical on 26 April, tracking the positive international trends. The gold price was ranged between K1,316,000 per tical (28 January) in the minimum and K1,336,000 per tical (6 January) in the maximum. It reached an all-time high of K1,410,000 per tical on 3 February and hit the minimum of K1,340,000 per tical on 2 February. The rate fluctuated between the highest of K1,391,000 (25 March) and the lowest of K1,302,000 (4 March), the gold traders said.

According to gold traders, the local gold reached the lowest level of K1,310,500 (2 September) and the highest level of K1,314,000 (1 September). In October, the rate ranged between K1,307,800 (30 October) and K1,316,500 (21 October). The rate fluctuated between the highest of K1,317,000 (9 November) and the lowest of K1,270,000 (30 November). In December, the pure yellow metal priced moved in the range of 1,280,000 (1 December) and 1,332,000 (28 December). With global gold prices on the uptick, the domestic price hit fresh highs last year to reach K1,000,000 per tical between 17 January and 21 February. It crossed K1,100,000 (22 June to 5 August), climbing to over 1,200,000 (7 August-4 September), and then reaching a record high of K1,300,000 on 5 September 2019.

Source: The Global New Light of Myanmar

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