An official from the Mandalay Region Gold Industry Association announced that trading at the Mandalay Gold Market will be temporarily suspended to stabilize gold prices.

"The market is currently closed for an indefinite period. We do not yet know when trading will resume," said the official.

This measure is taken to stabilize the price of gold, with the closure affecting only transactions at the association's office. Gold shops remain open and continue to conduct their own buying and selling activities.

"In 2023, the Mandalay Region Gold Business Owners Association closed the gold trading market twice due to rising gold prices," the official noted.

Following global trends, domestic gold prices have increased, with the price of pure gold reaching over 50 million kyats per tical according to the international market. The Yangon Region Gold Industry Association reported a price of 39,998,000 kyats per tical on the evening of May 23rd.

The Mandalay Region Gold Industry Association's temporary suspension aims to stabilize these fluctuating prices, though the association's office will remain open for administrative tasks.