The reputation of the gold market is deteriorating due to online gold dealers engaging in transactions based solely on verbal promises, according to U Myo Myint, Chairman of the Yangon Region Gold Entrepreneurs Association (YGEA). Chairman U Myo Myint made the remarks at a meeting to stabilize the gold price and gold market and approve the May gold balance sheet.
Currently, there are complaints regarding individuals who fail to deliver gold or do not make payments for online sales based solely on verbal promises. Consequently, the relevant authorities are conducting investigations into these matters. Therefore, the chairman has advised gold buyers to purchase from gold shops using cash.
This is a period when gold prices tend to rise, and relevant departments, organizations, and gold shops are working to stabilize the price through a system of reselling between gold shops. The Mineral (Gold) Reference Price Setting Committee has set the reference price of one standard gold piece at Ks.5.9 million.
In the external market, one tical of high purity gold costs more than Ks.70,00,000. Despite this reference price, some gold shops are still trading at the external price, said a gold buyer.
YGEA has issued a special warning on June 12, asking online gold sellers not to sell gold using savings books, tally systems or drawing lots, and urged gold entrepreneurs, gold shops and online gold sellers to apply for gold shop licenses.
