The Yangon Gold Entrepreneurs Association (YGEA) is taking a firm stance against market manipulation, urging gold traders and shops to prioritize price stability.

In a press release issued on March 16, the association called for all external buyers, sellers, and shops to trade gold below the YGEA reference price. Otherwise, they should stop trading unless they want to follow the instruction, the statement said.

The move comes in response to concerns over fluctuating gold prices fueled by misinformation and rumors. The YGEA identified external market participants as potential sources of these price swings and has launched an investigation. The association warns speculators against spreading rumors and engaging in speculative activities, emphasizing the importance of adhering to established price guidelines.

For reference, the YGEA's current reference price is set at 3,794,500 kyats per tical (16.3 grams) as of March 16 afternoon.

This action follows a recent meeting of the Monitoring and Steering Committee on the Gold and Currency Market in Nay Pyi Taw on March 6th. Discussions at that meeting focused on establishing a systematic and standardized gold market, fostering legal practices, and identifying illegal speculation for legal prosecution.