Gold prices rise in Bangladesh as coronavirus uncertainty hits global market

Jewellers in Bangladesh have upped gold prices in a span of one and a half months citing the uncertainty that hangs over the global market due to a coronavirus outbreak in China and the restrictions beyond.

Bangladesh Jewellers Samity or Bajus raised the prices by Tk 1,166 per Bhori (11.664 grams) across the board in an announcement on Tuesday.

The price of best quality gold will be Tk 61,528 a Bhori from Wednesday,

New gold prices:

22 carat – Tk 61,528

21 carat – Tk 59,195

18 carat – Tk 54,179

For the traditional method, in which gold is acquired from old ornaments with no agreed standard of purity, the price remains unchanged at Tk 41,407 per Bhori.

Silver price has also been kept unchanged at Tk 933 per Bhori.

Uncertainty over the coronavirus outbreak led to a rise in demand for gold in China and subsequently price hike in the international market, Bajus General Secretary Dilip Kumar Agarwala explained.

When gold prices were raised for the last time in early January, jewellers had cited a volatile global market after the death of Iranian commander Qassem Soleimani in a US airstrike in Iraq.

Gold prices crossed Tk 60,000 a Bhori at the time. The prices crossed the mark earlier in 2013. In 2003, when the US started the war against Iraq, the prices rose to as high as Tk 70,000.