Gold prices in the domestic market have been increased once again. This time, the price has risen by a maximum of Tk 7,348 per bhori, setting a new record. The revised prices came into effect at 10:15 am today, Wednesday.
The Bangladesh jewellers association (BAJUS) announced the development through a press release issued at 10:26 am on Wednesday. Such announcements are usually made at night.
Most recently, on Tuesday, the association had increased gold prices by Tk 5,249 per bhori, raising the price of one bhori of premium-quality gold to Tk 262,440.
Over the past five years following the Covid-19 pandemic, gold prices have risen rapidly both domestically and internationally. In the local market, the price of gold reached Tk 100,000 per bhori on 21 July 2023.
It crossed the Tk 150,000 mark in February last year and reached Tk 200,000 in October. On Thursday, gold prices exceeded Tk 250,000 per bhori.
Following today Wednesday’s latest increase, the price of one bhori of premium-quality 22-carat gold has risen to Tk 269,788, the highest price of gold ever recorded in the country’s history.
Prices of 21-carat, 18-carat and traditional-method gold have also increased accordingly.
As in previous instances, the BAJUS stated that the price hike was driven by an increase in the local market price of pure gold.
However, the primary reason is the continued rise in gold prices in the global market. At the time of writing this report, international gold prices had already increased by $162 per ounce, reaching $5,254 per ounce.