Gold prices in Bangladesh have fallen for the second consecutive day today, Saturday. This morning, the price of gold dropped by Tk 15,746 per bhori marking the largest single-day decline so far.
The Bangladesh Jewellers’ Association announced the price reduction Saturday morning. As a result, the price of high-quality 22-carat gold now stands at Tk 255,617 per bhori.
Yesterday, Friday, gold price had fallen by Tk 14,638 per bhori. Over the past two days, the total decline in gold prices amounts to Tk 30,384 per bhori.
Prior to these reductions, on Thursday, gold prices had risen by a record Tk 16,213 per bhori, bringing the price of one bhori of 22-carat gold to Tk 286,000, an all-time high in Bangladesh.
Over the past five years following the COVID-19 pandemic, gold prices have surged rapidly both in the domestic and the international market.
In the Bangladeshi market, gold reached Tk 100,000 per bhori on 21 July 2023. Last February it crossed Tk 150,000, and then in October it hit Tk 200,000. Last week, it surpassed Tk 250,000.
Today’s decline also affected other purities: 21-carat and 18-carat gold prices respectively fell by Tk 14,988 and Tk 12,888 per bhori.
This brings the price of 21-carat gold to Tk 244,011 per bhori and 18-carat gold to Tk 209,136 per bhori. Traditional gold prices dropped by Tk 10,964 to reach Tk 171,869 per bhori.
The jewellers’ association stated that the reduction reflects the local market adjustment following lower acid-tested (pure) gold prices, but the primary reason is the global drop in gold prices.
Meanwhile, silver prices also fell today. The price per bhori of 22-carat and 21-carat silver dropped by Tk 467, making them Tk 7,290 and Tk 6,940 per bhori, respectively.
Then, 18-carat silver fell by Tk 408 to reach Tk 5,949 per bhori, while traditional silver prices decreased by Tk 350 to reach Tk 4,432 per bhori.
Prices Return to Former State
Since last Sunday, there have been six fluctuations in gold prices up to this Saturday morning: four increases and two decreases.
On 25 January, Sunday, gold price rose by Tk 1,500 reaching Tk 257,191 per bhori. Prices increased again by Tk 5,249 on Monday night, Tk 7,348 on Wednesday morning, and Tk 16,213 on Thursday morning.
Then, on Friday, gold price fell by Tk 14,638 per bhori, and today’s drop of Tk 15,746 brings 22-carat gold price back to Tk 255,617 per bhori, the same state as before last Sunday’s surge.
In other words, after a week of dramatic fluctuations, gold prices have essentially returned to where they started.