Gold prices fell precipitously after the Mandalay Region Gold Industry Association announced they would sell the precious metal for 10 kyats per person, according to both sellers and buyers.
The price of Academy (Milin) bark gold was set at 25,400,000 kyats on the afternoon of October 7th, with a per-piece value of 10 kyats. The club members were not permitted to place any bids on the seven pounds of gold that were due to be auctioned off.
The price of gold on Yangon’s Academy (Milin) market fell to 26,300,000 kyats yesterday (from around 27,000,000 kyats this week) due to this report. All banks are open, and the current exchange rate is 25.8 million kyats to the kyat.
In the words of a prosperous entrepreneur, “When consumers feel they have no other options, sales of a product skyrocket.” When possible, each buyer just resells the item on internet marketplaces like eBay. Why? considering that they aren’t legally bound to purchase this gold. If plumbing was your job, maybe it would be fine.
These consumers are hesitant to buy or will only give in to peer pressure before making a purchase. Even though everyone else can’t afford it, the wealthy love to gamble. Those folks will be the first to buy it, then resell it if the waves are nice. It is clear that a game is in progress. He informed DVB that the company is now in charge of handling sales internally.
There appears to be a current equilibrium between buyers and sellers in the Yangon gold market, according to analysts. Which means gold’s price isn’t going anywhere.
Things should become cheaper in the market as demand increases. A greater price is the result of more demand. This is how he has always been. But you can tell that jewellery purchases have started up again if you go to a gold store on a Wednesday. Even if the production of gold mining is low, gold is still finding its way into trade.
In preparation for a second meeting, the bean and sesame traders redeemed their previously acquired gold. There is a perfect match between the amount of gold imported and the amount of gold mined here. But wait, there’s a catch. If this is the case, the global value of gold might suddenly skyrocket, among other unexplained factors, causing price fluctuations. He assured DVB that the local gold price would remain stable under those conditions.
One ounce of gold from the Academy (Milin) is worth 5,000 kyats at today’s global market price of $1,711 per ounce. At the present time, the global price of one ounce of gold is 1,711 kyat, while the price in Yangon is 20,000 kyat.
Similar to the market rate of 2,900 kyats to $1, the Myanmar central bank has set 2,100 kyats to $1 as the official reference foreign exchange rate.
