The domestic gold market is currently undergoing a transformation, and if successful, efforts will continue to establish internationally recognized Gold Exchanges, according to U Myo Myint, Chairman of the Yangon Gold Entrepreneurs Association (YGEA).

"The government is implementing a correct and fair roadmap, and we are in the transition period. If this transition is successful, there are plans to establish internationally recognized Gold Exchanges in a stable and systematic manner," U Myo Myint stated.

The YGEA is also planning to set up a gold testing laboratory that meets international standards, allowing Myanmar gold to be sold in the global market.

"Our goal is to enable Myanmar gold to be traded in international markets, including the London and U.S. markets. We are working on setting up a laboratory that complies with international standards (17025) and legal requirements. Once implemented, this will allow Myanmar to enter the global gold market," he explained.

Additionally, the daily gold price set by the association now includes a 7% profit margin, according to U Myo Myint.

"The daily price is determined by adding a 7% profit margin," he said.

The daily gold price is calculated based on global gold prices and the exchange rate set by the Central Bank of Myanmar, using a multiplier of 1.9047 per ounce.

U Myo Myint also warned that selling gold above the designated reference price could result in penalties, including license revocation, as enforced by the YGEA.