Gold price hiked again to record Tk1,85,947 per bhori

The relentless rise in gold prices in Bangladesh has once again drawn the public attention, with rates reaching an unprecedented Tk1,85,947 per bhori (11.664 grams) after yet another increase announced by the Bangladesh Jewellers Association (Bajus).

Bite-Sized: What's behind the historic gold price surge?

The fresh adjustment, effective from today (10 September), comes after Bajus raised prices by Tk3,137 per bhori within just 24 hours.

The surge has placed 22-carat gold at the highest-ever level recorded in the country's history.

In its media release issued yesterday, Bajus explained that the latest hike reflects the rising price of pure gold (acid gold) in the local market.

The announcement marks the second revision in as many days, as prices were already pushed up by Tk1,260 per bhori on 8 September, setting the 22-carat rate at Tk1,82,810, a record at the time.

According to the new rate, 21-carat gold now stands at Tk1,77,503 per bhori, 18-carat at Tk1,52,145 per bhori, while gold made using the traditional method has been fixed at Tk1,26,146 per bhori.

Adding to the burden for buyers, Bajus reminded that the selling price must include a government-imposed 5% VAT.

Bedsides, jewellers are required to charge a minimum making cost of 6%, though this may increase depending on the intricacy of design and quality of craftsmanship.

For consumers and traders alike, the upward march of prices has become a matter of concern.

What was once considered a stable store of value is now turning into a luxury slipping further out of reach for many middle-class households.

With two successive hikes in as many days and the highest-ever gold price recorded in Bangladesh, the market appears to be on a trajectory that shows little sign of slowing.