Gold price falls by Tk 14,638 per bhori this morning

Gold prices in the domestic market, which had been racing toward Tk 300,000 per bhori, fell slightly this morning, Friday. The price per bhori dropped by Tk 14,638.

The Bangladesh Jewellers Association reduced gold prices this morning. Just yesterday, Thursday, gold prices had risen by a record Tk 16,213 per bhori, pushing the price of one bhori of top-quality gold to Tk 286,000—the highest in the country’s history. Overall, gold prices have increased by Tk 61,000 per bhori so far this month.

Since the COVID-19 pandemic, gold prices have risen rapidly both at home and abroad over the past five years. In the domestic market, the price of gold reached Tk 100,000 per bhori on 21 July 2023.

It crossed Tk 150,000 in February last year and the Tk 200,000 mark in October. Last Thursday, gold prices crossed Tk 250,000 per bhori.

Following today’s price cut, the price of one bhori of top-grade (22-carat) gold now stands at Tk 271,363. Similarly, the prices of 21-carat and 18-carat gold have fallen by Tk 13,997 and Tk 11,956 per bhori respectively.

This puts the price of 21-carat gold at Tk 258,999 per bhori, while 18-carat gold is priced at Tk 222,024 per bhori. Meanwhile, the price of traditional-method gold has dropped by Tk 10,206 per bhori to Tk 182,833.

The Jewellers Association said the price reduction follows a decline in the local price of refined gold (pure gold). However, the main reason is the fall in global gold prices. Yesterday, gold prices briefly rose to USD 5,582 per ounce, but today they fell back to the USD 5,200 range. It was after this drop that the association announced the price cut.