The Union Government has announced the formation of the “Gold Price Reference Committee” with a mandate to stabilize and ensure fairness in gold pricing across Myanmar. 

The committee, created under Order No. 36/2024 on October 25, is tasked with setting a daily reference price for gold in alignment with existing laws and regulations. Chaired by the Deputy Minister of Natural Resources and Environmental Conservation, the committee includes the Deputy Governor of the Central Bank of Myanmar as its vice-chair.

The committee will calculate and release a daily reference price for gold, factoring in the national weight standard, global gold rates, prices in neighboring countries, exchange rates, and the domestic market landscape. This process will involve online virtual meetings to confirm the price with a quorum of committee members. Additionally, the committee will review and verify prices submitted by representatives from the gold industry and ensure the daily reference price is accessible to the public by coordinating with the Ministry of Information.

Should there be significant fluctuations in global gold prices, the committee will make timely adjustments to reflect these changes. In efforts to address operational needs, it may establish subcommittees as required. The committee will actively work to prevent market instability by releasing a reference price and collaborating with the relevant oversight bodies to monitor both the gold and currency markets.

In an inclusive approach, the committee will also consult with industry groups such as the Myanmar Gold Entrepreneurs Association, the Yangon Region Gold Entrepreneurs Association, and the Mandalay Region Gold Entrepreneurs Association, bringing in expert insights to guide its operations and uphold market stability.