Gold prices change twice in a day on holiday

Gold market experiences wild fluctuations in the country as global developments drive volatility. On Friday, just a few hours after a price cut, the price of gold surged by Tk 6,299 per bhori, with the new rate coming into effect from 12:15 pm.

As a result of the fresh hike, the price of one bhori of standard-quality gold at jewellery shops across the country today stands at Tk 255,617, the highest in the country’s history.

However, to purchase and craft jewellery from one bhori of gold, buyers must pay an additional 5 per cent VAT and 6 per cent making charge, bringing the total cost to Tk 283,735.

The Bangladesh Jewellers Association (BAJUS) officially announced the new price increase around 12:15 pm today.

After three consecutive major hikes, the association announced a price cut of Tk 3,149 per bhori at around 9:00 pm last night (Thursday), which was supposed to take effect from this morning.

As a result, the price of 22-carat gold per bhori was set at Tk 249,318. Within just a few hours of that price becoming effective, the association increased the price by double the amount it had reduced earlier.

In the global market, gold prices rose sharply once again yesterday. As a result, the price per ounce reached USD 4,952, the highest ever in the global market.

Ongoing geopolitical instability for the past month—stemming from protests in Iran, efforts to oust Venezuelan president Nicolas Maduro, and other tensions—has been driving gold prices upward. Under this influence, the jewellers’ association is adjusting prices domestically as well.

Over the past five years since the Covid-19 pandemic, gold prices have risen rapidly both at home and abroad.

On 21 July 2023, the price of gold reached Tk 100,000 per bhori. It touched the milestone of Tk 150,000 in February last year and Tk 200,000 in October. Yesterday, Thursday, gold prices crossed Tk 250,000 per bhori.

According to the revised rates, from 12:15 pm today, the price of 22-carat gold per bhori has increased to Tk 255,617. The price of 21-carat gold is Tk 244,011, 18-carat gold Tk 209,136, and traditional-method gold Tk 171,869 per bhori.

This morning, after the price cut, until 12:15 pm, the price of 22-carat gold was Tk 249,318 per bhori. During that time, 21-carat gold was priced at Tk 238,004, 18-carat gold at Tk 204,003, and traditional-method gold at Tk 167,437 per bhori.

According to the jewellers’ association, the price per bhori has increased by Tk 6,299 for 22-carat gold, Tk 6,007 for 21-carat gold, Tk 5,133 for 18-carat gold, and Tk 4,432 for traditional-method gold.