The chairman of the Yangon Gold Entrepreneurs Association (YGEA), U Myo Myint, stated that there is no reason for gold prices to rise, as there is a significant supply of gold emerging from rural areas in Myanmar.

"At the moment, there’s no reason for gold prices to increase. Gold production is steady, and a substantial amount of gold is coming from the regions. Therefore, there is no basis for a price hike," said U Myo Myint.

He also noted that in the past, rumors were spread to manipulate gold prices, but such activities have decreased significantly. Myanmar’s gold prices are primarily influenced by global market trends, he explained.

"In the past, there were attempts to manipulate the market by spreading rumors. However, such practices are no longer prevalent," he added.

U Myo Myint further mentioned that Myanmar’s gold prices are expected to stabilize soon, as the Gold Price Determination Committee has issued standard price benchmarks.

"Standardized weights, scales, and certifications have already been introduced. Software systems are also being developed. Once these measures are fully implemented, prices will become consistent across the market," he said.

On January 14, the Gold Price Determination Committee announced that the official reference price for high-standard gold (19.25 grams per cubic centimeter density or above) was set at 5,380,000 Kyats per tical (16.329325 grams).

Meanwhile, in the external gold market, the price of one tical is reportedly over 6 million kyats.