Tuesday, April 30, 2024
Bangladesh Jewellers Association (BAJUS) hiked the price of gold on Monday to a historic peak, increasing it by Tk 1,750 per bhori (11.664 grams) and setting the rate of 22-carat gold at Tk 1,17,573 per bhori.
This adjustment reflects the fastest pace of growth in the global gold market and marks the highest pricing for gold in the nation's history.
Following the global trend, BAJUS announced the price increment on Monday, effective from 4pm the same day, according to a press release.
This announcement came closely after a similar increase was instituted on Saturday, cumulatively elevating the gold price by Tk 3,499 per bhori over just two days.
According to the latest prices, the cost of a bhori of 22 carat gold has risen by Tk 1,749 to Tk 1,17,573, and the price of 21 carat gold has gone up by Tk 1,633 to Tk 1,12,208 per bhori.
Apart from this, the price of 18 carat gold has increased by Tk 1,458 to Tk 96,228 per bhori.
The price of one bhori of traditional gold has increased by Tk 1,225 to Tk 80,190.
However, buyers must pay a higher price for purchasing gold jewellery as it is sold with a 5 per cent VAT added to the price set by BAJUS.
As a result, buyers will have to pay Tk 1,26,951 including VAT and wages to buy 22 carat gold jewellery from Tuesday.
On April 6, the price of one bhori of good quality gold was hiked by Tk 1,750 to Tk 1,15,824 while the price of 21 carat gold increased by Tk 1,692 to Tk 1,10,575 per bhori.
The price of 18 carat gold had increased by Tk 1,458 to Tk 94,770 per bhori. And the price of traditional gold increased by Tk 1,166 to Tk 78,965 per bhori.
Meanwhile, silver prices remained the same as before. Each gram of 22, 21 and 18 carat silver are being sold at Tk 180, Tk 172, and Tk 147 per bhori, respectively.
BAJUS requested all jewellers to abide by the new pricing until it reaches any new decision.
This upward trajectory in gold prices aligns with the global market trends, where the price per ounce (31.103 grams) has escalated to $2,329, a stark rise from prices below $2,000 observed on February 14.
The surge in gold prices on the international stage is largely attributed to anticipations of a policy interest rate cut by the Federal Reserve of the US, sparking a rapid increase in gold investments.
This phenomenon has significantly influenced the pricing strategy of gold in Bangladesh, reflecting the interconnected nature of global financial markets and commodities.
