Gold price rises again within 6 hours, Tk 4,433 increase per bhori

Gold prices in the country have been increased once again within just six hours. The new price for 22-carat gold has been set at Tk 241,445 per bhori, an increase of Tk 4,433.

The Bangladesh Jewellers Association (BAJUS) announced the new rates in a notification on Saturday afternoon, March 28, effective from 3:45 pm the same day.

According to the new price list, hallmark 22-carat gold is now Tk 241,445 per bhori. The price of 21-carat gold has been set at Tk 230,423, 18-carat gold at Tk 197,530, and traditional method gold at Tk 160,847 per bhori. A 5 per cent VAT will be applicable on these prices.

BAJUS said the adjustment was made due to the rise in raw gold prices in the domestic market and the upward trend in international markets. In the New York spot market on March 27, gold prices increased by $110 per ounce to reach $4,494, which also impacted the local market.

Fluctuations in gold prices have been observed recently. Over the past 30 days, global gold prices have fallen by $795 per ounce. As a result, from March 12 over the next 16 days, local gold prices were reduced by up to Tk 35,575 per bhori. Following today's two-phase increase of Tk 6,590, the net price reduction since March 12 stands at Tk 28,985 per bhori.

Geopolitical tensions worldwide, increased gold purchases by central banks, and investors' tendency toward safe-haven investments have contributed to a long-term upward trend in international gold prices. Gold prices rose more than 70 per cent globally last year.

In January this year, gold prices reached nearly $5,600 per ounce, pushing local gold prices to Tk 286,000 per bhori on January 29. However, prices have declined somewhat since the outbreak of conflict between Iran, Israel and the United States in the Middle East.