YANGON----- Yangon Gold Entrepreneurs Association(YGEA) already made five decisions including gold import from foreign countries aiming not to become gold shortage in local gold market.

The gold traders yesterday held a meeting at the YGEA’s office and they made five decisions saying that YGEA aims to import raw gold from foreign countries not to appear gold shortage in local gold market, the gold smiths and gold traders will carry out gold dealing after adding Ks 5,000 to YGEA and the central Bank will report on gold dealings.

Moreover, the YGEA urged the gold traders and gold smiths to carry out gold purchase after connecting with those who owned licensed gold mines and to ban illegal gold dealings in border areas.

“Now, the local market has the gold. In June, July and August, the gold mines will be flooded. During this period, gold miners will get flue and malaria. So, they don’t work. That’s why, we made a decision how should we do to get a raw gold within three months,” said Myo Myint, YGEA’s chairman.

He also said that gold can be bought not only at the airport but also at the Singapore airport.

The YGEA yesterday announced that the opening price for one tical of high purity gold in Yangon Region was over 1.9 million Kyats.

“The gold dealing is a normal in local market. There is no too much dealing,” said Myo Myint.

Since the beginning of 2016, the local gold price reached frequently record high. The values of gold on the domestic market had reached a record high on February 6th, 2021, of over Ks 1.4 million per tical.

The lowest and highest price on the global gold market was between $1,776 and $1,906 per ounce in December of 2020.