gold price Bangladesh
Gold prices hit record high in Bangladesh
Gold prices have reached a historic peak in Bangladesh, with the Bangladesh Jewellers Association (Bajus) raising the price of 22-carat gold by Tk 2,928 per bhori.
The new price now stands at Tk 147,818 per bhori, marking the highest cost ever recorded in the country’s history.
The price hike, effective from Thursday (February 6), follows an increase in the price of refined gold in the local market on Wednesday.
This price adjustment applies to 22-carat gold, which now costs Tk 147,818 per bhori (11.664 grams). Besides, 21-carat gold is priced at Tk 141,099 per bhori, while 18-carat gold costs Tk 120,944 per bhori.
Could gold prices in Bangladesh reach Tk 2 lakh per bhori?
The traditional gold variety has seen its price set at Tk 99,529 per bhori.
Bajus has also stated that the final retail price of gold must include a mandatory 5% VAT, as imposed by the government, as well as a 6% minimum labour charge set by the association. However, the total labour charge may vary depending on the design and quality of the jewellery.
This marks the second price hike in February, following a previous increase on February 1, when 22-carat gold was raised by Tk 2,099 per bhori, reaching Tk 144,890.
The soaring gold prices reflect global market trends, with local prices adjusting in response to international gold rates and currency fluctuations.
2 months ago
Could gold prices in Bangladesh reach Tk 2 lakh per bhori?
The soaring price of gold in the global market is having a direct impact on Bangladesh, with domestic gold prices reaching record highs.
As the surge continues, many are speculating whether the price per bhori will surpass Tk 2 lakh in the near future.
According to the latest figures from the global spot market, gold prices have reached an all-time high of $2,800 per ounce (2.43 bhori). In line with this trend, the price of 22-carat gold in Bangladesh now stands at Tk 144,890 per bhori, the highest in the country’s history.
A Sharp Rise Over the Years
Data from the Bangladesh Jewellers’ Association (Bajus) shows that the price of 22-carat gold was only Tk 6,900 per bhori that in 2000. By 2010, this figure had risen to Tk 42,165. A decade later, in 2020, the price climbed further to Tk 69,867 per bhori.
In the past 15 years, gold prices in Bangladesh have increased by Tk 137,000 per bhori. Notably, in the four years since the COVID-19 pandemic, prices have surged by Tk 75,000.
In July 2023, gold prices in the country surpassed Tk 1 lakh per bhori for the first time, and within 18 months, they have risen by nearly Tk 45,000.
Gold price jumps to Tk 1.56 lakh per bhori, effective from Thursday
Given the current rate of increase, analysts predict that by the end of 2026, gold prices could approach Tk 2 lakh per bhori.
Market Experts Weigh In
Veteran gold trader Govinda Haldar, who has been in the business for five decades at Dhaka’s Tanti Bazar, recalled that before Bangladesh’s independence, the price of a guinea gold coin was Tk 150.
While this may seem negligible today, it was considered expensive at the time. He believes that if the current trend persists, gold prices could reach Tk 2 lakh per bhori within a year.
However, Bajus Price Determination and Monitoring Committee Chairman Masudur Rahman cautions that it is difficult to predict whether prices will reach Tk 2 lakh by 2026.
“The way global demand is increasing and central banks are stockpiling gold, it wouldn’t be surprising if the price does hit Tk 2 lakh. However, it all depends on market dynamics,” he said.
In 2024 alone, Bangladesh adjusted gold prices 62 times, with 35 increases and 27 reductions. So far this year, four price adjustments have already been made, pushing the price of this precious metal to new heights.
Global Demand Driving Prices
A report by the World Gold Council highlights that since 1971, gold prices have increased by an average of 8% per year in dollar terms. This steady rise, combined with gold’s ease of conversion into currency, continues to drive demand.
Gold price up by Tk 1,155 per bhori
Global gold demand now stands at 3,034 tonnes annually, valued at $233 billion. While gold is primarily used for jewellery in South Asia, many countries view it as a key investment asset.
Approximately 40% of the world’s gold is held for investment, compared to 33% used for jewellery. Central banks hold 20% of the world’s gold reserves, and 7% is used in technology sectors, such as chip manufacturing.
2 months ago