Bangladesh gold prices reach record high amid pandemic

Jewellers in Bangladesh have raised gold prices to a record high amid the coronavirus pandemic.

They will sell the yellow metal of the best quality, 22 carat, at Tk 72,783 per Bhori (11.664 grams) from Friday, up around Tk 3,000 from the price set just over a month ago.

Dilip Kumar Agarwala, the general secretary of Bangladesh Jewellers Samity or Bajus, cited a hike in gold prices in the international market as the reason behind their decision to push the prices in the local market.

People are stocking up on gold considering it a safe investment amid the crisis, according to him.

“Never in my life have I seen gold prices rising so high in the international market ,” he said and claimed they raised the prices by around Tk 3,000 a Bhori though the international prices rose by Tk 5,000.

Generally Bajus raises or cuts gold prices by around Tk 1,500 per Bhori.

When the association raised gold prices by up to Tk 5,715 a Bhori for the last time on Jun 22, the price at the international market was $1,769 per ounce (2.65 Bhori or 31.103 grams). On Thursday, the international market price of gold increased to $1,889 per ounce.

“Prices are rising every hour,” said Agarwala.

New gold prices (per Bhori):

22 carat – Tk 72,783

21 carat – Tk 69,634

18 carat – Tk 60,886

For the traditional method, in which gold is acquired from old ornaments with no agreed standards of purity, the price has been fixed Tk 50,560 per Bhori.

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