Authorities detain Yangon Region Precious Metals (Gold) Dealers Association officials for hoarding, market manipulation

The chairman, vice chairman (1) and secretary of the Yangon Region Precious Metals (Gold) Dealers Association have been arrested for hoarding and trading gold bars to destabilize the local gold market.

The three were found to have been responsible for maintaining and regulating the gold price, but they themselves were found to have been buying, storing and trading gold bars at foreign gold prices with the aim of destabilizing the gold market.

Chairman U Myo Myint purchased eight gold bars weighing a total of 70 kyattha at black market rate in January 2026 and stored them for resale at a profit. Similarly, U Myo Thu Win, vice chairman of the association, purchased 970 kyattha of gold bars at black market rate in his gold shops between December 2025 and January 2026 and resold 950 kyattha of gold for a profit. Similarly, Secretary U Nay Myo Htet purchased 319 kyattha of gold bars at black market rate in his gold shops between December 2025 and January 2026, and resold kyattha of gold for a profit.

They violated the prohibitions in the notification issued by the Ministry of Natural Resources and Environmental Conservation by purchasing, storing, and reselling gold bars at a higher price with the aim of destabilizing the gold market and action will be taken in accordance with existing laws. Gold traders must strictly follow the orders and instructions issued to stabilize the gold market, and effective action will be taken against gold traders who do not comply.

The Yangon Region Precious Metals (Gold) Dealers Association Chairman U Myo Myint is from Thein Than Gold and Jewellery Shop, Vice Chairman (1) U Myo Thu Win is from Academy Gold Shop, and Secretary U Nay Myo Htet is from Shwe Sin Academy Gold Shop.