Myanmar’s gold market has surged to unprecedented levels, with prices hitting 9.89 million kyats (US$4,710) per tical on Wednesday. The spike marks the highest domestic rate ever recorded, reflecting both global trends and deepening local economic turmoil.

International gold prices also reached a record US$4,647 per ounce, but Myanmar’s rise has been sharper, driven by public distrust in the kyat since the 2021 military coup. With the currency in freefall, many have turned to gold, US dollars and property as safer stores of value.

“Before the coup it was possible to buy gold, but now it’s like a dream,” one Yangon resident told local media. Demand has left the precious metal in short supply, while queues at banks and exchange counters have become a familiar sight as people scramble to convert savings.

The domestic gold price has climbed relentlessly: up 2.4 million kyats in 2024, a further 3 million in 2025, and now nearly 800,000 kyats more in the first weeks of 2026. Overall, gold is more than seven times higher than before the coup, underscoring the collapse of the kyat and the wider economic crisis.

For ordinary citizens, the surge has compounded hardship. The minimum wage has remained frozen at 4,800 kyats (US$1.17) since 2018, leaving millions struggling as living costs soar.

In an attempt to stabilise the market, the Yangon Region Gold Entrepreneur Association (YGEA) has set a reference rate of 6 million kyats per tical, instructing dealers to trade at that level. Yet with real prices far higher, the measure has had little visible effect. The YGEA declined to comment further, citing security concerns.

The soaring gold price is both a symptom and a symbol of Myanmar’s economic turmoil. As confidence in the national currency evaporates, the rush to gold shows no sign of slowing – a stark reminder of the fragility of savings in a country still reeling from political upheaval.

-2026-01-18

On 1/18/2026 at 5:05 AM, geovalin said:

The soaring gold price is both a symptom and a symbol of Myanmar’s economic turmoil. As confidence in the national currency evaporates, the rush to gold shows no sign of slowing – a stark reminder of the fragility of savings in a country still reeling from political upheaval.

Isn't this true for just about every country ?

Ok a bit more for Myanmar.

11 minutes ago, FlorC said:

Isn't this true for just about every country ?

Ok a bit more for Myanmar.

On 1/18/2026 at 5:05 AM, geovalin said:

with prices hitting 9.89 million kyats (US$4,710) per tical on Wednesday

1 tical ~= 16 grammes, so just over 1/2 a troy ounce (toz). That's approximately twice the spot price of gold futures at the moment.

On 1/18/2026 at 5:05 AM, geovalin said:

Overall, gold is more than seven times higher than before the coup, underscoring the collapse of the kyat and the wider economic crisis.

If true, that means before the coup (The Myanmar civil war began in 2021 following the military coup on 1 February 2021), fine spot gold was 4700/7 = USD 670 per tical, so about USD 1340/ toz.

Finally, in trying to account for the purity of Myanmar gold, it looks like the quoted price is nearest to 24 carat gold/ toz. The chart on this last link can be changed to show a 5 year chart, which doesn't show a 7x change in price, "merely" an almost 300% increase in kyat terms. However that chart seems to be calculated basis the MMKUSD rate. Maybe I needed to do another conversion or two?