Gold prices in Myanmar have surged to record levels for the second time, with the domestic price of high-grade Academy gold climbing past 11 million kyats per tical (approximately 16.3 grams).
The price hike, which began on 1 March, saw market rates reach 11 million kyats before jumping further to approximately 11.2 million kyats on 2 March. Market analysts in Yangon attribute this sharp increase to rising global gold prices, fueled by international conflicts, specifically citing tensions involving Iran.
“As of today, there have been no arrests, and the market is moving quietly,” a member of the Yangon gold industry told the Myanmar Pressphoto Agency (MPA) on the evening of 2 March. “As long as the global situation remains unstable, domestic prices will continue to track world market trends. We could easily see prices reach 12 million kyats”.
The current market behavior contrasts with the events of early February. After gold prices previously breached the 11-million-kyat mark, the military junta took swift action by detaining the chairman, vice-chairman, and secretary of the Yangon Region Gold Entrepreneurs Association (YGEA) on 5 February.
Despite the record-breaking market rates, the YGEA’s official reference price on the morning of 3 March remained significantly lower at 6.9 million kyats—a figure that sits far below the actual trading prices found in the open market.
Industry insiders suggest that while trading in Yangon remains thin, further intervention from the authorities is expected if prices continue to climb toward the 12-million-kyat threshold. The situation reflects the broader economic challenges in Myanmar, where the domestic currency remains volatile and gold continues to be viewed as a vital hedge against inflation and political uncertainty.
