Prices cut for purity-measured gold, raised for conventional method trading

The jewellers in Bangladesh have readjusted gold prices with the Eid-ul-Fitr fanfare still in the air.

Chief Economics Correspondentbdnews24.com
Published : 20 June 2018, 05:20 PM
Updated : 20 June 2018, 05:20 PM

The prices of purity-measured gold have been cut to minimum Tk 42,457 by Tk 1,166 per Bhori (11.664 gram) while the price of gold traded in traditional system has raised by Tk 1,166 to Tk 27,585 per Bhori.

In traditional method, gold is acquired from old ornaments. There is no standard of purity in this method.

Bangladesh Jewellers Samity or BAJUS said in a notice on Wednesday the new prices will be effective from Thursday.

The new prices of purity-measured gold set by the association per Bhori are:

22-carat                      Tk 49,805

21-carat                      Tk 47,531

18-carat                      Tk 42,457

According to international standards, there is 91.6 percent pure gold in 22-carat gold, 87.5 percent in 21-carat, and 75 percent in 18-carat.

Gold prices were changed for the last time on Mar 18. The prices were cut by over Tk 1,000 per Bhori at the time.

BAJUS has not changed the price of silver, which is Tk 1,050 per Bhori.

The association’s General Secretary Dilip Kumar Agarwala told bdnews24.com they have lowered the prices of purity-measured gold following a drop in in global prices.

“But the price of gold traded through the traditional system has been raised for the sake of the traders in rural areas,” he said.

Agarwala said they had noticed those selling gold in traditional method in the rural areas had been losing money.

They were planning to raise the price of such gold to the level of 18 carat gold.