19th hike: Gold prices in Bangladesh continues to outpace global market, now nearing Tk2 lakh per bhori
Gold has become even more costly in the local market as the Bangladesh Jewellers' Association (Bajus) has increased the price by Tk10,054 per bhori of good quality gold in two instances this week.
Bajus increased the price by Tk5,342 per bhori once, and then again by Tk4,712 per bhori this week. Bajus has increased gold price 19 times this year, while decreasing prices six times.
The Bajus on Tuesday fixed a good quality 22-carat gold price at Tk177, 887 per bhori (11.664 grams), which will be executed from tomorrow (Wednesday).
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On Saturday, the Jewellers' Association fixed the 22-carat gold price at Tk167833 per bhori, which was executed yesterday (Sunday).
A day later, on Monday, the Bajus fixed the same quality of gold at Tk172,545 per bhori and Tuesday the price was revised at Tk177,887 per bhori.
The global experts however have warned against investing in gold. The British owned BBC in an analysis said that the gold market would be more volatile and individual investors might face difficulties investing in gold.
The price in Bangladesh is even higher than the global market, yet Bajus, headed by Bashundhara Group Managing Director Sayem Sobhan Anvir, keeps increasing the gold price, claiming a price hike in the global market.
In addition, Bajus stated that the selling prices of gold and silver must include a 5% VAT as mandated by the government, along with a 6% minimum wage set by the association.
It means a gold ornament of 22-carat weight, a bhori will cost at Tk196,887, nearly Tk2 lakh.
As a result, people are refraining from using gold and middle-class families are using other metals instead of gold. Gold in Bangladesh is costlier than the global market.
As per the new pricing, from Wednesday, hallmarked 22-carat gold is being sold at Tk1,77887 per bhori, 21-carat at Tk1,69804 per bhori, and 18-carat at Tk1,45,543 per bhori. Besides, the price of traditional method gold has risen to Tk1,20,512 per bhori.
On Tuesday, hallmarked 22-carat gold was sold at Tk1,72,545 per bhori, 21-carat at Tk1,64,695 per bhori, and 18-carat at Tk1,41,169 per bhori. Besides, the price of traditional method gold has risen to Tk1,16,779 per bhori.
Bajus has increased the silver price also. 22-carat silver price was fixed at Tk2,846 per bhori, 21-carat silver at Tk2,717 per bhori, and 18-carat silver at Tk1,749 per bhori.
