Pure Gold Reference Price Decreases by K140,000
The Mineral (Gold) Reference Price Determination Committee has reported a decrease in pure gold reference prices by K140,000 per tical over the course of nearly two weeks. Specifically, on December 26, the committee set the pure gold reference price at K5.26 million per tical (16.329325 grams) with a density of 19.25, down from K5.4 million on December 13.
Established on October 25, 2024, the committee was formed to issue gold reference prices in accordance with existing laws and regulations with the aim of stabilizing gold prices. Led by the deputy minister for Natural Resources and Environmental Conservation as the chairperson and the deputy governor of the Central Bank of Myanmar as vice-chairs, the committee holds virtual meetings to set daily reference gold prices based on various factors.
These factors include the Central Bank of Myanmar’s exchange rate, Myanmar’s gold measurement methods, spot gold prices, prices in neighboring countries, forex exchange rates, and the domestic gold market outlook. The committee evaluates gold prices submitted by a task force of gold traders and collaborates with the Ministry of Information to announce daily gold reference prices.
Furthermore, the committee works to adjust prices based on real-time spot gold price information, prevents market manipulation, and collaborates with various gold associations, institutions, and experts to ensure the stability of the gold market. This includes coordination with the Monitoring and Steering Committee on Gold and Currency Market, Federation of Myanmar Gold Entrepreneurs, Yangon Region Gold Entrepreneurs Association, and Mandalay Region Gold Entrepreneurs Association.
