Sellers and buyers of gold agreed that the price plummeted when the Mandalay Region Gold Industry Association declared it would sell gold at 10 kyats per person.
On the afternoon of October 7th, the value of a single piece of Academy (Milin) bark gold was determined to be 10 kyats, and the price was established at 25,400,000 kyats. A total of seven pounds of gold were going to be auctioned off, and the club members were not allowed to bid on any of it.
As a result of this news, the price of gold on Yangon’s Academy (Milin) market dropped to 26,300,000 kyats yesterday (from over 27,000,000 kyats this week). Businesses are open, and the currency rate stands at 25.8 million kyats to 1 kyat.
A successful businessman once said, “When consumers feel they have no other options, sales of a product skyrocket.” Each buyer just resells the item on eBay or some other online marketplace if it can be obtained. Why? as they aren’t the ones obligated to buy this gold. Perhaps that would be acceptable if plumbing were your profession. These people are either unwilling to buy or do so only when they feel pressured. Nobody can afford to gamble, but the rich love to do so. These are the people who will buy it to turn around and sell it if the waves are good. There is obviously a game being played. He informed DVB that the company now handles its own sales operations.
Analysts claim that the Yangon gold market is in equilibrium between buyers and sellers at the present time. As a result, the price of gold is unlikely to change much.
As more people buy things, the market price should go down. An increase in demand leads to a higher price. He’s always been this way. Nonetheless, if you visit a gold store on a Wednesday, you’ll see that jewellery purchases have resumed. Although gold mining output may be poor, gold is still making its way into commerce. The bean and sesame merchants withdrew their already obtained gold in order to make another rendezvous with the merchants. The quantity of gold mined here is precisely equal to the quantity of gold imported. There is, however, a caveat. In such a case, the price of gold may fluctuate for mysterious reasons, such as a sharp increase in the commodity’s value around the world. Under those circumstances, he told DVB, the local gold price would be stable.
At the global market price of $1,711 per ounce of gold this afternoon, one ounce of gold from the Academy (Milin) is worth 5,000 kyats. One ounce of gold is currently worth $1,711 in the world, while the basic reference price in Yangon is 20,000 kyats.
In a similar way, the Myanmar central bank has set the official reference foreign currency rate at 2,100 Myanmar kyats per US dollar, but the market rate is currently 2,900 Myanmar kyats per US dollar.