rate at 1,853 kyat per dollar on April 3, and the council is working to open the local gold market at that rate. The gold market in Myanmar remains volatile.
Due to the wide price gap between the central bank’s price and the market price, the military council is attempting to control the domestic gold market. However, it has not yet been able to sell gold at that price.
One businessperson stated, They decide how high the initial price should be. At that price, traders cannot trade. Since more than a week ago, there has been almost no trading on the market.
Since the Yangon Gold Association announced on April 8 that it would trade gold at the central bank’s exchange rate, the Myanmar gold market has been in turmoil.
The gold price has fluctuated a lot, making it difficult for outside gold shops to set prices and causing a decline in the gold trade.
“Some shops do not dare to sell bark,” said a gold trader. It is under observation. There are some for sale. The precise price has been discontinued. This indicates that you sell at your own price. He stated, “There is a clothing trade.”
The Yangon Region Gold Entrepreneurs Association (YGEA) set the price on April 28 at the central bank rate of 80,000 kyats per kyat. However, the actual outside price was approximately 250,000 kyats, and the market was in turmoil.
The country’s gold price stability is the responsibility of the Yangon Division Gold Miners’ Association. He stated that he intended to import gold to avoid a raw material shortage.
The Yangon Division Gold Association’s opening price today was 2024,000 lakh kyats per kyat, which was slightly lower than the outside gold shop market’s price of 2030,000 to 2050,000 kyats due to the fall in the world gold price.
From 2010 to 2030, the external market exchange rate between the Myanmar kyat and the US dollar was approximately 1030 kyats per dollar.
Since the military coup, the kyat has fallen significantly, reaching a record high of 2220,000 kyat and a record high of 2,700 kyat to the dollar in late September.