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Gold price hits record high of Tk106,376 a bhori

Staff Correspondent
18 Nov 2023 19:35:31 | Update: 18 Nov 2023 21:09:52
Gold price hits record high of Tk106,376 a bhori
— Representational Photo

Country’s jewellery makers have increased the gold prices by Tk 1,750 on Saturday, setting the new price of 22-carat gold at Tk 106,376 a bhori, an all-time high.

The new price is 1.67 per cent higher than previous high of Tk 104,626 per bhori (11.664 grammes) recorded on November 5.

The standing committee on pricing and price monitoring of Bangladesh Jewellers Association (Bajus) took the decision on the gold price hike in a meeting on Sunday, said a press release issued by the association.

In July, the gold price crossed Tk 100,000 mark for the first time in Bangladesh.

Gold prices have been rising for more than a year influenced by hikes in the international market and volatility in the supply in the domestic market.

Although Bangladesh does not import any significant quantity of gold, its prices are almost linked with international trends.

In Bangladesh, the annual demand for gold stood between 20 tonnes and 40 tonnes. About 80 per cent of the demand is met through smuggled gold.

In August last year, the central bank made it mandatory to keep a 100 per cent margin on LC (letter of credit) opening for gold with a view to discouraging imports and saving foreign currencies, whose reserves have declined by about 25 per cent in the last 18 months.

According to the new price, 22-carat gold has been increased by Tk 1,750 to Tk 106,376 per bhori. The price of 21-carat gold has been increased by Tk 1,633 to Tk 101,535 per bhori.

Besides, the price of 18-carat gold has been increased by Tk 1,399 to Tk 87,013 per bhori. And the price of traditional gold has been increased by Tk 1,225 to Tk 72,550 per bhori.

However, buyers have to pay more than this to buy gold jewellery, because gold jewellery is sold by adding 5 per cent VAT on the price fixed by Bajus. Along with that, the minimum making charge is Tk 3,499 per bhori. As a result, buyers will have to pay Tk 115,194 per bhori to buy 22 carat gold jewellery from today.

Earlier on November 6, the price of 22-carat gold was increased by Tk 1,750 to Tk 104,626 per bhori, the price of 21-carat gold was increased by Tk 1,691 to Tk 99,902 per bhori, and the price of 18-carat gold was increased by Tk 1,400 to Tk 85,614 per bhori.  Gold was sold at this price in the country's market till Saturday.