Those who want to buy something will have to fill out a tender form and buy what they want through a system called competitive bidding. The announcement was made by the military council in both Yangon and Mandalay that on September 29, a competitive tender auction mechanism will be used to sell three pounds of gold bullion and gold bullion respectively.
The Ministry of Natural Resources and Environmental Protection in Yangon announced that on September 29 from 1:00 to 3:00 p.m., the Ministry of Natural Resources and Environment will sell three pounds of pure gold bars and three pounds of pure gold lead at the Burmese Gem Museum on Kama Aye Pagoda Road and at Star Mart Mandalay on the corner of 26th and 66th Streets, respectively.
It has been announced by the Nay Pyi Taw Head Office of Myung Ma Gemstone Trading Company, Myanmar Gems Museum (Rangoon), and Myanmar Gems Trading Business that detailed investigations can be conducted at the Mandalay camp office. Those who are interested can find more information at the aforementioned locations.
In relation to this scheme, the Yangon Region Gold Industry Association has also made an announcement on their social network page.
Currently, as a military council, it has been declared that gold coins are also being created and sold in Nay Pyi Taw. This is being done in an effort to curb the rising cost of gold, which has been reported in Yangon and Mandalay.
On September 28th, the price of bark gold in Myanmar was approximately 2,590,000 kyats. However, it dropped by more than 100,000 kyats in just one day.
On September 27th, the price of bar gold closed at roughly 2700,000 kyats, and according to the price reports of gold merchants in Yangon, it fell back to less than 2600,000 kyats in the afternoon of the following day.
According to gold traders, falling global gold prices and the values of other currencies in overseas markets have caused a further decline in the price of gold in the domestic market.