Gold price falls by Tk 9,214 per bhori after 4 consecutive days of increase
After rising for four consecutive days, gold prices in the domestic market reduced today, Wednesday. As a result, the price of 22-carat gold of the highest quality now stands at Tk 268,214 per bhori, following a decrease of Tk 9,214.
Silver prices have also declined.
Earlier this week, prices were increased in two phases on Saturday, with the second revision taking effect from Sunday. Gold prices were then raised again on Monday and Tuesday. After this uninterrupted four-day rise, prices have now been reduced.
Previously, gold prices were increased twice last week, rising by a total of Tk 5,482 in two phases. Over the four consecutive days of increases this week, the price of gold rose by Tk 12,013 per bhori. With today’s reduction of Tk 9,214, the overall increase for the week stands at Tk 2,799.
The Bangladesh Jewellers Association (BAJUS) issued a notification this morning. It stated that the price adjustment was made due to an increase in the price of pure gold in the local market. However, the principal reason remains the rise in gold prices in the international market.
The price of high-quality silver has decreased by Tk 641 per bhori. Yesterday, it stood at Tk 7,173 per bhori; today it has fallen to Tk 6,532.
According to BAJUS, the price of 21-carat gold is now Tk 256,025 per bhori, while 18-carat gold is priced at Tk 219,458 per bhori. Gold produced under the traditional method is priced at Tk 179,159 per bhori.
The association further stated that a mandatory 5 per cent government-imposed VAT must be added to the selling price of gold.
Since late January, gold prices in the domestic market have been highly volatile. On some occasions, prices have been increased in the morning only to be reduced again at night.
On 29 January, the price of gold rose by a record Tk 16,213 per bhori, taking the price of 22-carat gold to Tk 286,000 — the highest in the country’s history.
Domestic prices generally move in line with the international market. After a brief decline, global gold prices increased over the past two weeks, prompting local adjustments. They are now easing again.
According to US trading hours, from Tuesday to the start of trading today, Wednesday, gold prices fell by US$95 per ounce, bringing the current price to approximately $5,158 per ounce.
Gold prices in the global market have been on an upward trajectory since last year. Over the past 30 days, prices have increased by approximately $204 per ounce, while over the past six months they have risen by $1,525 per ounce.