The Chairman of the Yangon Region Gold Entrepreneurs Association, U Myo Myint, warned that selling gold above the official reference price could result in the suspension of licenses and other actions.

U Myo Myint made this statement during the Anti-Money Laundering and Terrorism Financing Awareness Training No. (19) at the Yangon Region Gold Entrepreneurs Association office on January 23.

"We must sell and buy at the reference price. If we sell above the reference price, our licenses could be revoked, so it’s important to stick to the official price," said U Myo Myint.

The daily gold price is set by the Mineral (Gold) Reference Price Setting Committee, and U Myo Myint emphasized that gold should only be traded at that price. He also cautioned against using prices posted on social media.

“There are often activities on Facebook where prices are advertised. The YGEA, which is set by the state, has declared that these prices should not be followed. There are daily announcements in newspapers and on the radio at 10 am. urging us to buy and sell at the reference price,” the Chairman said.

As of January 23, the price for a standard gold bar (19.25 grams or more) was set at 5,450,000 kyats by the Minerals (Gold) Reference Price Setting Committee.

U Myo Myint also stated that there is no reason for gold prices to rise, as gold continues to be produced domestically.