Gold prices rose in the domestic market today, Saturday. As a result, the price of 22-carat gold of standard quality has increased to Tk 265,415 per bhori, up from the previous rate of Tk 261,041. This marks an increase of Tk 4,374 per bhori.
Last week, the market saw two separate increases in gold prices, which together amounted to Tk 5,482 per bhori.
In contrast, today, Saturday’s revision reflects a single increase of more than Tk 4,000.
The Bangladesh Jewellers’ Association (BAJUS) issued a notice on Saturday morning. The notice states that the price of pure gold in the local market has risen, prompting the increase in retail prices.
However, the principal reason remains the rise in gold prices in the international market.
According to today, Saturday’s BAJUS notice, the price of 21-carat gold now stands at Tk 253,342 per bhori, while 18-carat gold costs Tk 217,126 per bhori. Gold produced through the traditional method is priced at Tk 177,701 per bhori.
BAJUS further states in the notice that the government-imposed 5 per cent VAT must be added to the selling price of gold.
Gold prices in the domestic market have remained volatile since the latter part of January.
On some occasions, authorities announced a price increase in the morning and reduced it again later the same evening.
On 29 January, the price of gold rose by a record Tk 16,213 per bhori, bringing the price of one bhori of standard-quality gold to Tk 286,000, the highest in the country’s history.
The domestic market generally adjusts gold prices in line with movements in the international market. Although prices declined for a brief period, international gold prices increased again last week.
According to United States trading time, the spot price of gold rose by more than USD 100 per ounce on Friday, bringing the current price to USD 5,278.10 per ounce.
Over the past two weeks, international gold prices have fluctuated. In the last 30 days, prices have declined by USD 150. However, over the past six months, gold prices have increased by USD 1,762.