The Yangon Region Gold Entrepreneurs Association (YGEA) has announced plans to establish an online system for gold trading that connects with international markets.
Speaking at a financial crime and anti-terrorism funding awareness seminar, YGEA Chairman U Myo Myint stated that the current bookkeeping system for gold transactions has weaknesses that need improvement. Efforts are underway to align records with international standards to facilitate seamless online trading between countries.
He also noted that illegal gold trading has been a major issue, but connecting with global markets will help curb black market sales. He emphasized that recent fluctuations in gold prices have been driven by speculators rather than genuine market forces.
"Rumors have settled, and gold prices have stabilized. This is due to the collective efforts of relevant authorities to regulate the market," U Myo Myint added.
Additionally, he indicated that the government will soon take action against the unregulated use of vehicles used for smuggling or illicit activities.
As of 8 March, the global spot gold price stood at $2,911 per ounce. Meanwhile, Myanmar’s official reference price for standard gold (with a density above 19.25 g/cm³) was set at Ks5,490,000 per tical (16.3293 grams) by the Gold Reference Price Committee.
