Myanmar gold surge curbed by junta price cap

Myanmar’s gold market has hit record highs, with domestic prices soaring above 10 million kyats per tical, yet trading remains subdued as the military regime clamps down on speculation. Dealers in Yangon say wealthy families are buying gold as a safe haven, but strict controls mean transactions are limited.

The junta-backed Yangon Region Gold Entrepreneur Association (YGEA) has imposed a reference rate of 6 million kyats per tical, threatening penalties for those who fail to comply. With the official rate more than 4 million kyats below the market value, trade has slowed sharply. “We’re not selling to outsiders the way we used to,” one trader admitted, noting that bulk purchases are now refused and sales recalculated daily against global prices.

International markets have surged to US$4,719 per ounce, driving Myanmar’s standard gold price to around 10.05 million kyats per tical. The junta’s Gold and Currency Market Monitoring and Regulation Committee has ordered associations to enforce “disciplined” trading, warning dealers against speculative activity.

Traders insist the rise is driven by genuine demand rather than manipulation. “Authorities can’t ban the trade completely. They accept gentle rises but not sudden jumps,” one dealer explained, highlighting the tight oversight of daily transactions.

Gold has become the asset of choice since the 2021 military coup plunged Myanmar into civil war and economic collapse. With the kyat weakened by sanctions and foreign investors pulling out, citizens turned to gold, property and US dollars. But after the regime imposed dollar controls, gold demand surged further, pushing prices from just over 1.3 million kyats per tical before the coup to today’s unprecedented levels.

The domestic market now mirrors global volatility, with investors seeking security amid fears of a looming US-Europe trade war linked to President Trump’s controversial push to acquire Greenland. For Myanmar’s traders, however, the real battle lies at home—navigating a market where soaring demand collides with rigid junta restrictions.

-2026-01-22