Yangon and Mandalay gold traders stop selling as market price surges 

Believing they would not make a profit if they sold at the price set by the junta-run Myanmar Gold Entrepreneurs’ Association, gold merchants in Myanmar’s largest cities closed up shop

Gold trading in Yangon and Mandalay has stalled indefinitely amid general economic volatility and following a rapid rise in the price of gold, according to local traders. 

The price of 16.6 grams of gold rose four percent in one day, from 5.5 million kyat (US $2,610) on Wednesday to 5.8 million kyat (US $2,750) the next morning. 

The junta-controlled Myanmar Gold Entrepreneurs’ Association, which sets the prices at which traders sell, had fixed the price for the same quantity at just under 4 million kyat, about 31 percent lower than Thursday’s real market price. 

Due to this price gap, and predictions that it would widen further in the coming days, traders in Mandalay’s Maha Aungmyay Township suspended all sales this week. 

“We’ve never experienced price hikes like this before. Almost all the shops have stopped selling gold. . .

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