Gold prices reach record high in Bangladesh ahead of Eid

Gold prices have surged in Bangladesh once again, hitting a record high ahead of Eid.

The price of 22-carat gold has increased by Tk1,773 per bhori (11.664 grams), reaching Tk1,57,872, the highest ever recorded in the country.

The Bangladesh Jewellers Association (Bajus) issued a statement today (28 March), confirming the price hike.

The new rates will take effect from tomorrow (29 March).

According to the newly set prices by Bajus, the cost of 22-carat gold will be Tk1,57,872 per bhori, while 21-carat gold will be priced at Tk1,50,699 per bhori. The price of 18-carat gold will be Tk1,29,167 per bhori, and the traditional gold, commonly used in jewellery, will be priced at Tk1,06,539 per bhori.

Bajus's statement also specified that the selling price of gold will include a mandatory 5% VAT, as per government regulation, along with a minimum 6% labour charge set by Bajus. However, the labour charge may vary depending on the design and quality of the jewellery.

The association explained that the price hike has been driven by the rising price of refined gold in the local market.

The decision to revise the price was made in consideration of the overall market conditions.

Globally, gold prices continue to climb, with the price of an ounce surpassing $3,000. Analyses of both the spot and futures markets predict that the price of gold could soon exceed $3,100 per ounce, setting a new global record.

Earlier, on 25 March, Bajus had raised the price of 22-carat gold by Tk1,154 per bhori, bringing it to Tk1,56,099. This marks the 17th price adjustment made by Bajus this year, 13 of which have been increased.

According to Bajus's figures, gold prices have risen by nearly 37% in the past year alone, and over the last three years, the price of gold has increased by more than 95%. If the global price of gold continues to rise, further increases in the domestic price are expected, the association warned.