Mawlamyine, August (31)

The price of pure gold (24 karat) reached a record high of over 3,000,000 Kyats after the meeting of the military council and the gold entrepreneurs to control the domestic gold prices.

The rise in gold prices occurred after the military council met with gold entrepreneurs on August 27 and stated that it would arrest gold speculators and take action against those who do not use the banking system to trade gold.

The domestic gold price rose to a record high of over 3,000,000 kyats on August 30, from just over 2,600,000 kyats in the third week of August, before the meeting between the military council and the gold entrepreneurs.

According to a representative of the Gold Entrepreneurs Association, the price of gold reached a record high as a result of the rising demand for gold and the soaring price of the dollar.

Despite the rise in domestic gold prices, the gold price in the world gold market has dropped from $1,800 to $1,730 per ounce.

In order to control the gold market, the Yangon Region Gold Entrepreneur Association has issued a reference price of 2,300,000 kyats for one tical of gold, but in reality, gold traders say that they cannot buy at that price.

The price of gold, which was only around 1,300,000 kyats under the NLD government, has nearly tripled after the military coup.

News – Than Lwin Times

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