YANGON----The domestic gold market already froze in Myanmar, says Myo Myint, Chairman of Yangon Region Gold Entrepreneurs Association (YGEA).

“There is a lack of gold dealing. The gold shops and gold dealers didn’t sell. If dollar prices will rise, the gold price suddenly jumps. Actually, there is no gold buyer and seller,” said Myo Myint.

He also said that the gold dealing had frozen in the YGEA. There were more gold collectors than the sellers .

Currently, the gold price has been on the rise in the black market than the YGEA’s gold price. The pure gold price reached a record high of over 2.22 million per tical in history.

The global gold price was recorded at 1,765 U.S. dollars per ounce on July 29th. The domestic gold prices frequently had been on the rise since the beginning of 2016 to 2021 registering at over 1.42 million kyats.