According to the announcement made by the Mandalay Region Gold Entrepreneurs Association (MGEA) on October 6, it sold nearly 7 visses of pure gold (10 ticals per person) on October 7.
MGEA announced that they will sell 7 visses of pure gold (10 ticals per person) at the MGEA office. MGEA set the price of a tical of gold as Ks.2.54 million. Beginning from 2:00 pm on October 7, the selling of gold started and within an hour, nearly 7 visses of gold were sold out according to sources.
Except for the members of MGEA, everyone can buy gold freely but one must show their citizenship card, it said. Mandalay Region Gold Entrepreneurs Association doesn’t express which price they will sell the gold bars.
The Ministry of Natural Resources and Environmental Conservation sold gold bars of 6 visses with auction system in order to ease the gold price.
At the gold auction hold in Yangon, the floor price of one tical of gold bar cost Ks.2.5 million according to Yangon Region Gold Entrepreneurs Association.
