Gold Committee Sets Pure Gold Price at K5.3M per Tical
The Mineral (Gold) Reference Price Determination Committee has officially set the price of pure gold at K5.33 million per tical, which is equivalent to 16.329325 grams with a density of 19.25 grams. This new price was announced starting from December 6th after the committee was established on October 25th, 2024.
The committee consists of key figures including the deputy minister for Natural Resources and Environmental Conservation as the chair and the deputy governor of the Central Bank of Myanmar as the vice-chair. Their mission is to stabilize gold prices by setting daily reference gold prices through virtual online meetings with the majority presence of the committee members.
Influenced by various factors such as the Central Bank of Myanmar’s exchange rate, Myanmar’s gold measurement methods from 1967, spot gold prices, neighboring countries’ gold prices, foreign exchange rates, and the domestic gold market outlook, the committee carefully analyzes gold prices submitted by gold traders.
Once the evaluation is complete, the committee collaborates with the Ministry of Information to announce the daily gold reference prices. They make adjustments based on real-time spot gold price information, create working groups as needed, prevent market manipulation, and work closely with various gold institutions and experts to ensure fair pricing and market stability.
