Gold prices in the domestic market have risen again after just one day. Following a decline on Friday, prices increased on Saturday morning. As a result, the price of one bhori of 22-carat gold has risen by Tk 2,157.
According to the revised rates, the price of hallmark 22-carat gold now stands at Tk 237,012 per bhori.
The price of 21-carat gold has reached Tk 226,282 per bhori, while 18-carat gold is priced at Tk 193,914 per bhori. Gold produced under the traditional method now costs Tk 157,931 per bhori.
Until yesterday, Friday, the price of 22-carat gold was Tk 234,855 per bhori. The price of 21-carat gold stood at Tk 224,182 per bhori, while 18-carat gold was priced at Tk 192,164 per bhori. The traditional method gold price was Tk 156,473 per bhori.
The Bangladesh Jewellers Association (BAJUS) stated in a press release that the new prices came into effect at 10:00 am today, Saturday. A 5 per cent VAT will be added to these rates.
BAJUS explained that the increase resulted from a rise in the price of acid gold in the domestic market.
However, the primary driver behind the adjustment remains the increase in global gold prices. In New York’s spot market on 27 March, the price of gold rose by USD 110 per ounce, bringing it to USD 4,494.
Over the past 30 days, global gold prices have declined by USD 795 per ounce.
Consequently, between 12 March and yesterday, Friday—a span of 16 days—domestic gold prices were reduced by as much as Tk 35,575 per bhori.
With today, Saturday’s increase of Tk 2,157, the overall price has still decreased by Tk 33,418 per bhori since 12 March.
Global geopolitical tensions, increased gold purchases by central banks, and investors seeking safe-haven assets have collectively driven an upward trend in gold prices over an extended period. Over the past year, global gold prices have risen by more than 70 per cent.
In January, the spot market price of gold approached USD 5,600 per ounce (31.1034768 grams). Reflecting this trend, the domestic price rose to Tk 286,000 per bhori on 29 January.
However, prices began to decline following the outbreak of war involving Iran, Israel and the United States.