Myanmar’s domestic gold prices have surged to record highs almost daily, prompting many gold shops in Mon State to temporarily suspend trading due to extreme price volatility, gold traders said.
According to price data from Myanmar Market Price, as of midday on Jan. 20, the buying price for one tical (16-pae) of 24-karat gold stood at 15 million kyats, while the selling price reached 9.95 million kyats, marking the highest level ever recorded in Myanmar.
Gold prices have been fluctuating rapidly throughout the day, forcing shop owners to halt transactions to avoid losses caused by mispricing, traders said.
“Morning and evening prices are no longer the same — prices only keep rising,” said a gold trader in Ye township. “There are hardly any buyers, and selling has become difficult. That’s why we’ve had to close temporarily. Most other shops are doing the same.”
Despite soaring market prices, the Yangon Gold Entrepreneurs Association, under Myanmar’s military junta, has continued to set a reference price of around 6 million kyats per tical for 24-karat gold, well below prevailing market levels.
Traders attributed the surge to increased global demand for gold amid geopolitical conflicts, coupled with U.S. interest rate cuts that have pushed up gold, dollar and currency prices.
“With global conflicts ongoing, people are turning to gold as a safe asset,” said a gold shop owner in Thanbyuzayat township. “Political uncertainty and U.S. interest rate cuts are also driving gold prices higher.”
Market observers warned that prices remain strongly biased upward and continue to shift in line with international markets, urging caution to avoid losses.
As gold and dollar prices rise, Myanmar’s Central Bank has said it is cracking down on currency speculation and illegal foreign exchange trading.
