Gold price drops by Tk 2,741 per Bhori

Gold prices have been reduced in the domestic market in line with international trends.

The Bangladesh Jewellers’ Association (BAJUS) has cut the price of the best-quality 22-carat gold by Tk 2,741 per Bhori within 24 hours, bringing the price to Tk 226,923.

The price had climbed to Tk 229,664 per Bhori after three increases totalling Tk 12,072 over four days.

The new rates came into effect across the country at 10am on Friday. Prices of other grades of gold have also been reduced.

Earlier, BAJUS raised the price of 22-carat gold by Tk 3,266 per Bhori on the morning of Nov 2. Another increase of Tk 3,266 came on the afternoon of Nov 4.

The following day, Nov 5, the price was raised by a further Tk 5,482.

Before that, BAJUS had reduced the price of 22-carat gold by a total of Tk 10,439 per Bhori in four consecutive adjustments. It then raised the price by Tk 2,216 on Oct 28.

The price was increased by another Tk 1,633 on Oct 29, taking the rate to Tk 224,707 per Bhori. The two increases amounted to Tk 3,849.

The price was subsequently cut by Tk 1,633 on Oct 30 and Tk 5,482 on Oct 31, bringing the total reduction over the two days to Tk 7,115.

Earlier, BAJUS had lowered the price of 22-carat gold by Tk 10,439 per Bhori in four adjustments over two weeks. The reductions included Tk 3,266 on Oct 13, Tk 1,691 on Oct 22, Tk 2,158 on Oct 23 and Tk 3,324 on Oct 25.

Before those cuts, the price had been raised by Tk 2,216 per Bhori on Oct 9.

On Jan 29 this year, the price of 22-carat gold in Bangladesh reached a record Tk 286,001 per Bhori, tracking a surge in the international market. It remains the highest price recorded in the country's domestic market.

Since then, gold prices have continued to fluctuate through successive increases and reductions.

New Gold Prices

According to the latest BAJUS announcement, hallmark 22-carat gold is being sold at Tk 19,455 per gram from 10am on Friday.

With one Bhori equivalent to 11.664g, the price stands at Tk 226,923 per Bhori.

The prices of other grades have been set at Tk 216,712 per Bhori for 21-carat gold, Tk 186,099 for 18-carat gold and Tk 152,040 for traditional-method gold.

Before the latest adjustment, 22-carat gold was priced at Tk 229,664 per Bhori, 21-carat at Tk 219,342, 18-carat at Tk 188,374 and Sanatan or traditional-method gold at Tk 153,848.

Accordingly, the price of 21-carat gold has fallen by Tk 2,624 per Bhori, 18-carat gold by Tk 2,274 and traditional-method gold by Tk 1,808 within 24 hours.

In a press statement, BAJUS said the price of locally sourced Tejabi gold (pure gold) had declined. The new rates were set after taking the overall market situation into consideration.

International Prices Fall Too

On Jan 29 this year, gold prices in the international market surged past $5,500 per ounce to set a new record.

Spot gold reached an intraday high of $5,591.61 per ounce before trading at $5,538.69 at one point.

The surge in international prices also pushed the domestic price of 22-carat gold to a record Tk 286,001 per Bhori on the same day.

Since then, gold prices in the global market have fluctuated. Amid a recent prolonged decline, spot gold fell below $4,000 per ounce on Oct 30.

Prices subsequently rebounded. Following the results of the US midterm elections, a weaker dollar and falling bond yields helped push gold prices higher in the global market.

However, a Reuters report on Friday said gold prices had declined. Spot gold fell 1 percent to $4,047.19 per ounce.

The decline was mainly driven by a renewed rise in oil prices, which heightened concerns over inflation. Expectations that interest rates could remain elevated for longer also weighed on the metal.

A Reuters report on Thursday had said gold prices reached their highest level in more than two weeks as the US dollar weakened and Treasury yields fell.

Lower oil prices had also eased some inflation concerns. Hopes of a possible peace deal between the United States and Iran following a major Democratic Party success in the US midterm elections had also supported the market.

Around 1:45pm Bangladesh time on Friday, spot gold was trading at $4,045.70 per ounce, down $57.56. The report put the decline at 1.40 percent.

On Thursday, when gold prices were raised in Bangladesh, spot gold was trading at $4,125.56 per ounce.

Silver Prices Unchanged

BAJUS has kept silver prices unchanged.

Hallmarked 22-carat silver is being sold at Tk 300 per gram, taking the price to Tk 3,499 per Bhori.