Mawlamyine, April (10)
Even though the transaction will be carried out using the Central Bank’s dollar exchange rate, the global gold prices will not decline, said the gold dealers.
Yangon Region Gold Entrepreneurs Association has called an emergency meeting on April 8 to try to keep gold prices stable in Myanmar.
Following the Central Bank’s order, they opted to sell gold in the domestic market at a price of Ks 1850 per dollar.
However, due to the surge in worldwide gold prices, local gold prices would not fall, according to U Myo Myint, chairman of the Yangon Region Gold Entrepreneurs Association.
“The gold price will be determined using the Ks 1850 dollar exchange rate. As a result, there are no longer any fluctuations. It will be calculated based on worldwide market rates,” a gold trader explained.
Being Thaingyan period, the sales of jewellery and clothes are in high demand but gold bar trading remains stagnate.
The gold price is about over 13 lakhs under the NLD government, after the military coup it has hit a record high of over 20 lakhs with volatile prices.
The value of Myanmar’s currency fell after the coup, and gold prices in Mon State soared to a new high of Ks 2 200,000 kyats per tical in August and September.
News – Than Lwin Times
