U Myo Myint, the chairman of Yangon Gold Entrepreneurs Association, has announced that cross-border gold trading and speculation in the domestic gold market have been eliminated.

He attributed this success to the coordinated efforts of relevant departments, association member gold merchants, ongoing gold trade trading courses and the pervasiveness of laws within the public, as well as the widespread use of the anti-money laundering law.

According to him, cross-border trading has completely disappeared, and so has all speculation in the domestic gold market.

He also mentioned that global gold price hikes and rumors had a great impact on the domestic gold market, which is now stable due to the absence of rumors.

"With fewer rumors in the country, the local gold market is also seeing a decrease. This year, the world’s gold price has fluctuated," he added.

As of December 18, the price of pure gold was 3.6144 million kyats per tical (16.4 grams) according to the Yangon Gold Entrepreneurs Association.