Gold shops in Yangon have stopped selling pure gold, according to the outside gold market.

Starting from May 27, well-known gold shops in Yangon announced they have ceased selling pure gold and gold pieces.

"I can't go to gold shops anymore. Since we are blacksmiths, we have to buy gold pieces from those big shops. Now I can't buy them, so it's not convenient anymore," said a goldsmith in Yangon.

Reports indicate that sales have been closed for two days. Additionally, some gold shops only calculate the market price at the time of sale without providing the price beforehand.

"The price of gold is not mentioned. If I sell it, it will be calculated in accordance with the market price," said a person who recently sold some gold.

On May 29, the external gold market reportedly reached 5,500,000 Kyats per tical. However, according to the evening closing price from the Yangon Region Gold Industry Association, the price was announced at Ks. 3,999,800.

On March 16, a meeting was held at the Yangon Region Gold entrepreneurs Association’s (YGEA) office, and the YGEA issued a special warning to all gold buyers and sellers in the gold market to trade below the YGEA set price, and if they cannot do so, they have to stop gold trading.

On March 6, a meeting was held in Nay Pyi Taw. It was attended by chairman, vice-chairs and members of supervising committee of gold and currency market. At the meeting, the governor of Central Bank of Myanmar (CBM) said that in order to trade in the gold market in an orderly manner, and to establish basic price, they have been working for a market that can be implemented legally. Those who destabilize the gold and currency prices will be punished in accordance with the law. If it is considered as important goods and services, it is necessary to continue to implement the provisions of the law.  Members need to re-check the current implementations and need to supervise systematically.