Gold prices rise again

Jewellers in Bangladesh have scaled up gold prices again after reducing them twice following a rise to all-time high rates.

Unlike most of the times, when gold prices were hiked in the local market following the rise in global prices, the latest increase came on Wednesday after US dollar continued to gain against Bangladesh Taka for weeks.

Dollar gains have driven import costs, says Enamul Haque Khan, the president of Bangladesh Jewellers Samity (BAJUS).

After a roller-coaster ride for quite some time amid the COVID-19 pandemic, prices of the precious yellow metal have almost stabilised in the international market, he said.

“Dollar prices had dropped due to the economic slowdowns after the pandemic began. Dollar is getting stronger as the situation is becoming normal. Dollar price has increased in our kerb market as well,” he said.

“We have raised the prices because we need more taka to import gold now,” he added.

Generally Bajus raises or cuts gold prices by around Tk 1,500 per Bhori (1.664 grams).

But the association pushed gold prices by up to Tk 5,715 a Bhori on Jun 22, a further Tk 3,000 on Jul 24, and by Tk 4,432 for the last time on August 5.

It cut the price of the best quality gold of 22 carat down to Tk 72,258 per Bhori on August 21 after the record rise to Tk 77,216.

In the latest hike, gold prices have been raised by up to Tk 1,750 per Bhori.

New gold prices (per Bhori):

22 carat – Tk 74,008

21 carat – Tk 70,859

18 carat – Tk 62,111

For the traditional method, in which gold is acquired from old ornaments with no agreed standards of purity, the price has been fixed at Tk 51,788 per Bhori.