The government and the public dislike gold price manipulation which destabilizes the commodity prices, said Deputy Commerce Minister Aung Htoo. 

“Everybody usually save gold and make price manipulation based on this metal. The volatility of gold price also reflects the stability of economic system. So we want gold to be the one which can store the genuine value of money. We want to help support the stability of the national economy. The formation of Myanmar Gold Entrepreneurs Federation aims to contribute to the economic stability and development aspired by the public and the government,” he added. 

“I would like to urge the officials from the Myanmar Gold Entrepreneurs Federation to ensure the development of the entire gold industry and the stability of gold prices in the local gold market. The people have a suspicious that Myanmar can establish the international gold market. I would like to urge the association to strive to dispel that suspicion,” he continued. 

The deputy minister also urged officials to cooperate to find the markets for gold wears. 

“It is found that the fluctuation of global gold market has a big impact on the local gold market. Myanmar Gold Entrepreneurs Association can manage to control this condition properly. It is questionable that how we can deal with this situation when there is such circumstances again. The stability of monetary system is associated with the stability of the gold market,” said Yangon Region Chief Minister Phyo Min Thein.

Myanmar gold market is related to China and India. Due to the lack of systematic link between the gold markets of the countries, Myanmar’s gold market which has few gold production may face more chaos, Chief Minister Phyo Min Thein added. 

On October 7, the global gold price per ounce exceeded 1,500 US dollars. The gold price in the domestic market was around Ks 1,200,000 per tickle, according to the gold merchants.