Cyclone Mocha’s victims giving up gold for home rebuilds 

By Admin 23 Jun 2023

DMG Newsroom
23 June 2023, Sittwe

Many people have been left to pawn or sell their gold items in townships where Cyclone Mocha caused widespread property damage.

“People are selling their gold items to repair their damaged houses,” said a gold shop owner in Sittwe.

According to the Arakan State Administration Council, the financial losses inflicted by the storm totaled over 520 billion kyats.

Many people are pawning or selling their gold items in Rathedaung, where damage from Cyclone Mocha was extensive.

“In the aftermath of the storm, there is almost no demand for gold items. People are only selling or pawning their gold. Some gold shops have even run out of money to buy back gold. Gold shops and pawnbrokers even have to borrow money from other businessmen to buy back gold or lend money,” said a gold shop owner in Rathedaung.

Daw Than Than Nu from Shwe Nat Pyin Village in Ponnagyun Township said she had to pawn her gold items as her house and paddy fields were damaged by the storm.

“Villagers are pawning their gold items to rebuild their houses and grow monsoon paddy. I have pawned gold items as a short-term solution,” she said.

Storm-hit rural villages have received little assistance, and many can’t afford to rebuild their houses more than one month after the storm hit Arakan State.

A woman from Myingar Village in Pauktaw Township who came to Sittwe to sell her gold items said: “My house was badly damaged by the storm. We have received no assistance. And I need to rebuild my house. So, I have come to sell my gold items here so that I can repair my house.”

According to market prices on Thursday, gold prices hit 3.1 million to 3.2 million kyats per tical in Arakan State. Meanwhile, some gold shops have closed as the Yangon gold market did not quote a price.