Home ›› 23 Aug 2021 ›› News
Bangladeshi Jewellers have hiked the price of gold by Tk1,516 to Tk73, 483 per bhori (11.66 grams), despite a dip in prices of the rare metal in the global market.
In a circular issued on Sunday, Bangladesh Jewellers Samity announced the new prices claiming that they have increased the prices due to rise in prices in the global market.
As per the circular, the price of the 22 carat gold has been set at Tk73, 483 per bhori, Tk70, 334 for 21 carat per bhori and Tk61, 586 for 18 carat per bhori.
The new price hikes comes just two months after the association decreased maximum Tk 1,516 per a bhori.
In June, the trade body fixed per bhori price at Tk71,966 for 22 carat, Tk66,817 for 21 carat and Tk60069 for 18 carat.
However, global market data on gold price showed that the gold market witnessing downward trend in value over the last one year.
As per the data of Kitco, an international authentic platform which monitors global gold prices, show that gold market declined 8.25 per cent in the last one year, 0.22 per cent in the last 6 months while 1.25 in the last 30 days.
As of August 22, the gold price on the international market stood at $732.5 for 24 carat gold per bhori, Kitco data shows.
In a statement, Bangladesh Jewellers Samity claimed that gold price in the global market rose due to the coronavirus pandemic and importers failed to purchase gold bars due to the closure of flights on international routes, customs complications and red tape.
On the other hand, a shortage in supply has pushed up the prices of gold in the local bullion market.
“We set the market price considering the global market. The prices have gone up due to a price hike in the global market and a shortage of stocks in the local market. We home that the situation will become stable once the pandemic situation comes under control,” Bangladesh Jewellers Samity Vice-President Dr Dewan Aminul Islam Shahin told The Business Post over the phone.
