Gold prices soar again, by Tk 2,450 this time

Bangladesh Jewellers Association has once again increased the price of gold in the local market.

After the latest hike, the price of one bhari of 22-carat gold will cost Tk 76,458, an increase by Tk 2,450 per bhari. Per bhari 21-carat gold has increased to Tk 73,308 while 18-carat Tk 64,560 and traditional gold Tk 54,238.

The price will be effective from Friday.

The association increased the price of the precious yellow metal on numerous occasions recently. They referred to the hike in international markets most of the time as a reason to increase the price in the local market. But there was no hike in the international market this time.

They blamed the economic crisis on the coronavirus situation, ban on international air transport, weakening of the US dollar, drop in oil prices and increase of gold price in the bullion market as the reasons for the recent gold price hike.

Earlier on 11 September, the association had increased the gold price by Tk 1,750 per bhari.

President of the association Enamul Haque told Prothom Alo that the supply of gold is less than the demand. A small amount of gold is coming only from Dubai and Singapore through baggage rules.

"We were forced to increase the gold price as taka weakened against dirham and the Singapore dollar," he added.