MT News
The State Administration Council started gold coin sales at Ks-2.7 million per tical in Yangon and Mandalay starting from 23 September.
The gold coins will be sold from Tuesday to Friday between 12 pm and 4 pm at Gems Museum of Myanmar Gems Trade Centre in Yangon.
“It is said that the gold coin sales are started from 12 pm. The gold coin are sold at Ks-2.7 million per tical. The sales of gold coin weighing one tical came to an end when the number of buyers reached to 20. And then, the sales of half-tical gold coins continued and there were only 7 buyers. No one buys quarter-tical gold coins,” a gold buyer said.
SAC sold 455.75 ticals of gold coins to the people up till 16 September. The gold coins were sold at Ks-2.8 million per tical. The gold coins sales were started at Ks-2.95 million per tical in Nay Pyi Taw. The gold coins were sold at Ks-2.85 million up till 13 September and at Ks-2.8 million from September 14 to 16, according to Maj-Gen Zaw Min Tun.
The State sold 20 gold coins weighing one tical, 20 gold coins weighing half-tical and 20 gold coins weighing quarter-tical a day. Those who want to buy gold coins need to show their NRCs and have the right to buy cash down for one time only.
The SAC announced on 22 September that the gold coins will be sold not only in Nay Pyi Taw but also in Yangon and Mandalay, and currently, also sold the gold coins at Ks-2.7 million per tical in Nay Pyi Taw and Mandalay.
The price of gold reached an all-time high of Ks-3.8 million per tical in domestic gold market before SAC sold the gold coins. As SAC sold the gold coins at Ks-2.95 million starting from 5 September in Nay Pyi Taw, the local gold price dropped to around Ks-3.2 million. On 23 September, per tical price of gold fluctuated between Ks-2.7 million and Ks-2.82 million.
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