By Ra Wai / MPA
It is reported after the state of emergency has been extended for the sixth time, the price of 24 karat gold has surged to around 6.8 million kyat.
On July 31, the self-appointed Acting President Min Aung Hlaing convened a meeting of the National Defense and Security Council (NDSC) to extend the state of emergency for another six months.
“Gold prices have surged, welcoming the six-month extension of the state of emergency. Since yesterday (July 31), the price of 24 karat gold has been around 6.8 million kyat. Today, it remains the same. Some transactions are occurring in the black market trading at prices slightly over 6.7 million kyat,” a gold dealer in the Yangon market told MPA.
During the NDSC meeting on July 31, Min Aung Hlaing emphasized the efforts to boost the economy in 2024-2025 and the importance of maintaining monetary stability over controlling currency value fluctuations.
“It is unlikely that the gold prices would drop below 6.5 million kyats. There are already queues of cars at petrol stations and many people are also lining up in Yangon for cooking oil,” the dealer continued.
This morning (August 1), some petrol stations in Yangon were closed, and those that were open had long waiting times, according to a resident of the Thaketa Township.
“I got up at 5 AM today to fill up on petrol, three petrol stations near my house were closed, and the one near Kyauk Tine was open. Even at 5 AM, there were already over 30 cars ahead of mine in line,” the dealer explained.
As the 24 karat gold prices remain around 6.8 million kyat in the market, the official price set by the pro-janta YGEA (Yangon Gold Entrepreneurs Association) is 4,692,235 kyat, with no transactions occurring at this official rate.
