Gold price rises by Tk 3,236 per bhori within a day

Gold prices increased in the country’s market today, Tuesday, just one day after the price had been reduced on Monday, with the price of 22-carat gold of good quality rising again to Tk 268,214 per bhori.

After yesterday’s reduction, the price of good quality gold was Tk 264,978 per bhori. That means today the price has increased by Tk 3,236 per bhori. Yesterday the price had been reduced by the same amount. At the same time, the price of silver has also decreased.

This is the second adjustment of gold prices this week. Last week, prices were increased for four consecutive days. Then the price was reduced last Wednesday. During those four days last week, gold prices increased by Tk 12,013 per bhori. Afterwards, on Wednesday, the price was reduced by Tk 9,214. Overall, gold prices increased by Tk 2,799 last week.

The Bangladesh Jewellers Association (BAJUS) said a press release on Tuesday that the prices of pure gold and silver in the local market have increased; therefore the prices of gold and silver have been raised. The new prices came into effect from 10:00 am today, although the main reason for the increase is the rise in gold and silver prices in the global market.

Meanwhile, the price of good quality silver today stands at Tk 6,532 per bhori. Yesterday the price of silver was Tk 6,357.

According to BAJUS, the price of 21-carat gold is now Tk 256,025 per bhori, while 18-carat gold costs Tk 219,458 per bhori. In addition, the price of traditional gold is Tk 179,159 per bhori.

The BAJUS notice also stated that a mandatory 5 per cent VAT set by the government will be added to the selling price of gold.

Since the end of January, gold prices in the country have been highly volatile. There were even instances where a price increase was announced in the morning and later reduced again at night. On 29 January, the price of gold rose by Tk 16,213 per bhori, pushing the price of good quality gold to Tk 286,000 per bhori. This was the highest gold price in the country’s history.

Gold prices in the domestic market are mainly adjusted in line with the global market. Before the start of the Israel–Iran War, gold prices were rising steadily, but the trend was interrupted after the war began. However, market fluctuations have continued.

According to US time (until the writing of this report), gold prices increased by about $74 per ounce today. As a result, gold is now trading at around $5,169 per ounce.

Gold prices have been on the rise in the global market since last year. Over the last 30 days, prices have increased by more than $40, while over the last six months they have risen by about $1,461.