Action will be taken against gold market speculators and those spreading rumours online to destabilize gold prices, the Central Bank of Myanmar has warned in a statement.

In a meeting, the gold and monetary market monitoring, supervision and control committee pointed out that unlike global gold market, Myanmar’s gold relies on traditional calculation methods without a systematic calculation of weight, quality and purity. However, local gold prices are being set variously online based on prices of neighbouring countries and global market and exchange rates of US dollar, Thai baht and Chinese Yuan.  

Under such circumstances, speculators and unscrupulous people are spreading rumours online and in social media with intent to destabilize or increase local gold prices.

Myanmar’s gold price is not related to global gold price because there is no import or sale of gold from the global market, the statement said.

The gold entrepreneurs associations from Yangon and Mandalay regions also issued their statements saying that ongoing gold prices that have spread online are unofficial, and there is no connection between the local and global gold markets.

On March 21 (today), Yangon Gold Entrepreneurs Association has set local gold price as 2,335,000 kyats per tical (about 16.33 grams). However, the price is around 2,888,000 kyats in black market, according to local gold market sources.