Gold committee sets pure gold price at K5.3M per tical

The Mineral (Gold) Reference Price Determination Committee set pure gold at K5.33 million per tical (16.329325 grammes) with 19.25 grammes of the density of gold.
The committee has issued daily gold reference prices starting from 6 December. The committee was formed on 25 October 2024 to issue gold reference prices in accordance with existing laws, rules and regulations with a view to stabilizing gold prices.
The deputy minister for Natural Resources and Environmental Conservation played a key role as the committee chair and the deputy governor of the Central Bank of Myanmar acted as the vice-chair.
The objectives behind the committee are setting daily reference gold prices through online virtual meetings with the presence of threequarters of the committee members, influenced by those factors: CBM’s exchange rate, Myanmar’s gold measurement as per some appraisal methods issued by the Ministry of Finance and Revenue in 1967 for gold price stability, spot gold price, prices of neighbouring countries, foreign exchange rates and domestic gold market outlook.
The committee considers and analyzes the gold price submitted by the gold reference price evaluating task force comprising gold traders. Then, the committee links with the Ministry of Information to announce the daily gold reference prices. It amends prices upon real-time information of spot gold prices, forms working groups where necessary, stops gold market manipulation attempts, and coordinates with the Monitoring and Steering Committee on Gold and Currency Market and Myanmar Gold Entrepreneurs Federation, Yangon Region Gold Entrepreneurs Association, Mandalay Region Gold Entrepreneurs Association, and relevant gold institutions and experts. — NN/KK