According to legend, the Golden Rock itself is precariously perched on a strand of the Buddha's hair. The balancing rock seems to defy gravity, as it perpetually appears to be on the verge of rolling down the hill. The rock and the pagoda are at the top of Mt. Kyaiktiyo. Another legend states that a Buddhist priest impressed the celestial king with his asceticism and the celestial king used his supernatural powers to carry the rock to its current place, specifically choosing the rock as the resemblance to the monks head. It is the third most important Buddhist pilgrimage site in Burma after the Shwedagon Pagoda and the Mahamuni Pagoda.

Currently, women are not allowed into the inner sanctuary of the rocks vicinity, maintained by an employed security guard who watches over the gated entrance. Women are permitted in the outer balcony and the lower courtyard of the rock.

According to wikipedia