Mandalay Region Gold Entrepreneurs Association is continuing to sell gold at a price lower than the market price, according to an official of the association.

 The association has been selling gold for 10 consecutive days, attracting lots of buyers. On the tenth day, a tical (16.3293 g) of pure gold was sold for 3.03 million kyats.

“We will continue to sell gold for next days,” the official added.

 The association recently issued a statement that gold buying would be under scrutiny as a large number of buyers queue daily, warning them against any dishonesty or charging people to be in the queue. 

Gold sales started on the afternoon of June 19 with a price of Ks3.05 million per tical of pure gold.

The price was Ks3.04 million on June 20, Ks3.035 million on June 21 and 22 and Ks3.03 million on June 23.

There were around 50 buyers on June 19, over 60 on June 20 and 21 and nearly 100 on June 22.

Anyone but association members can buy gold by showing their original household lists and national registration cards. Sales happen from 12 noon to 4pm daily.

As gold prices are on the increase, authorities have reportedly summoned some gold entrepreneurs from Yangon and Mandalay regions. On June 15, 12 gold entrepreneurs were summoned for questioning in Mandalay.

Under the leadership of the Monitoring and Steering Committee on the Gold and Currency Market, officials from the Central Bank of Myanmar, General Administration Department and other relevant organizations made inspection tours in Mandalay city on June 1 and 2.