As there are reports about people who are artificially inflating gold prices and trading gold online with improper practice, the authorities sent for the people and are carrying out investigation into the reports, U Myo Myint, chairman of Yangon Region Gold Entrepreneurs Association, told One News.
Due to the reports, authorities are interrogating those who are artificially inflating gold prices by verbally selling and buying gold online without physically trading gold. Due to the rise in the domestic gold price presently, efforts are being made to bring the gold price back to normal. If price-gouging and such online gold dealers can be controlled in the domestic gold market, the gold price will fall again, U Myo Myint said, adding that due to the current high price, there are fewer buyers and more sellers
In addition, Yangon Region Gold Entrepreneurs Association has issued a special notice on June 12, urging gold entrepreneurs, gold shops and online gold sellers to apply for gold shop licenses, not to sell gold through savings books, not to sell gold through a tally system and not to use lottery tickets to sell gold.
