![](https://thadinn.com/wp-content/uploads/2023/07/7-19.jpg)
MANDALAY DIVISION – According to the gold industry, at least 20 gold entrepreneurs from Mandalay, including the owners of famous gold shops, have been arrested by the junta council, allegedly for raising the price of gold in Myanmar.
According to gold traders in Mandalay, gold shop owners were arrested in order to control the rising gold price.
Among the gold shops arrested in Mandalay were famous gold shops such as Aung Samadhi, Zwal Htet, Wein Sein, Maung Kane and 29 Yadana as well as the owners of the gold shops in Mandalay City Market.
“It could be said that they have been arrested but they can still live peacefully. They are allowed to go home around 11 a.m. in the morning but have to come back at night. It is like being under house arrest,” said a family member of a gold entrepreneur.
In order to control the rise in domestic gold prices, the junta army arrested about ten gold entrepreneurs starting on June 15, and the number of arrests gradually increased. It is said that those who were arrested are being detained in Mandalay City Special Investigation Office.
One of the gold traders said that under the junta regime, the value of the Burmese kyat continues to decline and when the prices of cars, real estate and gold have risen exponentially, it is impossible to push down the price of gold alone.”
“Real estate prices are going up so that no other market can keep up with them, car prices, dollar prices, these things can’t fall and gold prices can’t be dragged down. And now, the gold market has been closed for almost the entire month of June to control prices. But did the prices fall? They have to consider that,” one gold entrepreneur said.
Nowadays, in Yangon, the gold price set by the Gold Industry Association is at around 2,300,000 kyats (twenty three hundred thousand) per one tical of pure gold (16.606 g) and the actual price (in the outside market) of gold is around 3,300,000 kyats (thirty three hundred thousand) per one tical of pure gold.