Global gold prices drop by over Tk 80,000 in two days

Global gold prices have suffered a sharp correction after a prolonged rally, recording one of the steepest short-term declines in recent times.

In international markets, gold prices fell by around 8.22 percent in a single day, signaling heightened volatility. As of 2:30am Friday (January 30), spot gold slipped to $4,890 per ounce, down from nearly $5,200 a day earlier. On Thursday morning, gold had surged past $5,550 per ounce, marking an all-time high.

Within just two days of reaching that record, gold prices dropped by nearly $660 per ounce, equivalent to more than Tk 80,500 in Bangladeshi currency.

Analysts say such a sharp correction in a short period reflects growing instability in the global bullion market.

Market participants attribute the recent surge to geopolitical tensions, including frictions between the United States and NATO over Greenland, the ongoing conflict involving Iran and the Middle East, and broader global uncertainty.

Analysts also point to a stronger US dollar and expectations that interest rates may remain elevated for longer, both of which have added pressure on gold prices.

The global downturn has quickly impacted the domestic market. The Bangladesh Jewellers Association (BAJUS) on Thursday (January 29) raised gold prices by Tk 16,213 per bhori, pushing the price to a record Tk 286,000. Less than 24 hours later, BAJUS announced a rollback.

On Friday morning, prices were reduced by up to Tk 14,600 per bhori, bringing the price of premium gold down to Tk 2,71,000, effective from 10:45am.

According to the latest BAJUS rates, 22-carat gold now stands at Tk 2,71,363 per bhori, 21-carat gold at Tk 2,59,000, 18-carat gold at Tk 2,22,024, and traditional gold at Tk 1,82,833.

Silver prices have also been revised. The price of 22-carat silver has been set at Tk 7,757 per bhori, 21-carat silver at Tk 7,407, 18-carat silver at Tk 6,357, and traditional silver at Tk 4,782.