Gold prices in Bangladesh have surged to a fresh record, with the price of 22-carat gold crossing Tk 286,000 per bhori following a sharp increase announced by the Bangladesh Jewellers Association (BAJUS).
In a notice issued on Thursday morning, BAJUS said the price of 22-carat gold had been raised by Tk 16,213 per bhori to Tk 286,001, with immediate effect. The hike marks the largest single-day increase in recent years and has pushed prices to a new all-time high within just 24 hours.
BAJUS attributed the rise to an increase in the local price of refined gold, known as tejaabi gold, saying the revised rates were set after reviewing the overall market situation.
Under the new pricing structure, 21-carat gold will sell at Tk 272,996 per bhori, while the price of 18-carat gold has been fixed at Tk 233,980 per bhori. Gold produced using the traditional method will cost Tk 193,039 per bhori.
In addition to the listed prices, buyers will be required to pay a mandatory five per cent value-added tax imposed by the government, along with a minimum six per cent making charge set by BAJUS. The making charge may vary depending on the design and quality of the jewellery.
Earlier, on 28 January, BAJUS had increased the price of 22-carat gold by Tk 7,348 per bhori to Tk 269,788, which was then the highest price ever recorded in the domestic market. With the latest revision, gold prices have been adjusted 16 times so far this year, including 13 increases and three reductions.
Silver prices have also risen alongside gold. BAJUS said the price of 22-carat silver has been increased by Tk 816 per bhori to Tk 8,573, the highest level on record in Bangladesh. Under the revised rates, 21-carat silver will sell at Tk 8,165 per bhori, 18-carat silver at Tk 6,998, and traditional silver at Tk 5,249 per bhori.
So far this year, silver prices have been adjusted 12 times in the domestic market, with nine increases and three cuts.
The surge in local bullion prices comes amid sustained strength in the global gold market. Analysts say international prices have been supported by a weaker US dollar, expectations around interest rate policies of the US Federal Reserve, ongoing geopolitical tensions, and increased gold purchases by central banks as a hedge against economic uncertainty.
