Gold prices rises by Tk 16,000 in single day, reaching Tk 286,000 per bhori

Gold prices rose again today, Thursday, marking a record increase. The price increased by Tk 16,213 per bhori, bringing the price of one bhori of high-quality gold to Tk 286,000.

This is the highest gold price in the country’s history, and never before has the price been increased by such a large amount in a single step.

The new price came into effect at 10:15 am today, Thursday. Given the current pace of price increases, market analysts believe that gold prices may not take much longer to reach the Tk 300,000 mark.

The Bangladesh Jewellers Association (BAJUS) announced the price hike through a press release at 10:19 am today, Thursday. Most recently, gold prices had increased by Tk 7,348 yesterday, Wednesday.

Prior to that, on Tuesday, the Jewellers Association raised the price by Tk 5,249 per bhori. With this, BAJUS has announced increases in gold prices on two consecutive mornings.

Since the Covid-19 pandemic, gold prices have risen rapidly both domestically and internationally over the past five years. 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.

As a result of today’s latest increase, the price of one bhori of high-quality, 22-carat gold has reached Tk 286,001. Similarly, prices of 21-carat, 18-carat and traditional-method gold have also increased.

As it has consistently stated, the Jewellers Association explained that the price hike has been implemented due to an increase in the price of pure gold in the local market.

However, the primary reason is the rise in gold prices in the global market. Today, Thursday, the price of gold per ounce has exceeded USD 5,500.

According to forecasts by various international agencies, the uncertainty created in global trade due to actions by former United States president Donald Trump may drive gold prices up to USD 7,000 per ounce in the near future.