United News of Bangladesh

The Bangladesh Jewellers Association (Bajus) has announced a significant reduction in gold prices on Wednesday, following three consecutive hikes since Saturday. In a notification issued by Masudur Rahman, Chairman of the Bajus Price Determination and Price Monitoring Standing Committee, the association said the price of 22-carat gold has been slashed by Tk 5,342 per bhori. The revised rate now stands at Tk 1,72,546 per bhori. The new pricing came into effect from 4:15 pm on Wednesday, according to the Bajus notice. The decision to revise prices downward comes in response to a decrease in the local market value of pure gold. BAJUS said the adjustment reflects the current market dynamics and has been made considering the overall situation. Price of gold in Bangladesh continues to outpace global market, now nearing Tk 2 lakh per bhori Under the updated rates, the price of 21-carat gold has been set at Tk 1,64,696 per bhori, while 18-carat gold now costs Tk 1,41,169 per bhori. Gold produced using the traditional method is being sold at Tk 1,16,780 per bhori. This latest move follows a price hike announced on Tuesday, where Bajus had raised rates by as much as Tk 5,342 per bhori, which was scheduled to be effective from Wednesday before the latest revision was issued. Prior to the reduction, gold prices had reached record levels, with hallmarked 22-carat gold being sold at Tk 1,77,887 per bhori, 21-carat at Tk 1,69,804 per bhori, and 18-carat gold at Tk 1,45,543 per bhori. Traditional method gold had climbed to Tk 1,20,512 per bhori before the newly announced rates took effect.

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 Tk5342 per bhori once, and then again by Tk4712 per bhori this week. They (Bajus) have increased gold price 19 times this year, while they have decreased price 6 times. Bajus on Tuesday fixed good quality 22-carat gold price at Tk177, 887 per bhori (11.664 grams), which will be executed from tomorrow (Wednesday). On Saturday, the Jewellers' Association fixed the 22-carat gold price at Tk 167,833 per bhori. On Monday, Bajus fixed the price of the same quality of gold at Tk172,545 per bhori, before the latest revision today, setting the price at Tk 177,887 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. Goldman Sachs has forecast that the global price of gold could reach $3,700 per ounce by the end of 2025. One ounce equals 31.1035 grams. CAB demands strict action against Soybean oil syndicates The Bangladesh Jewellers' Association (Bajus) has fixed the 22-carat gold price at Tk14,389 per gram. Accordingly, the local price of one ounce of gold stands at Tk447,548. But, the current spot price for gold in the United States is approximately $3,328.30 per ounce, equivalent to around Tk402,724. This means gold in Bangladesh is being sold at Tk44,824 higher than the international market rate - per ounce. In addition, Bajus stated that the selling prices of gold and silver must include a 5 percent VAT as mandated by the government. It means a gold ornament of 22-carat weight, a bhori will cost at Tk 196887, nearly Tk 2 lakh. As a result, people are refraining from using gold and the middle-class families are using other metals instead of gold. The gold in Bangladesh is costlier than the global market. As per the new pricing, from Wednesday, hallmarked 22-carat gold is being sold at Tk 1,77887 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 Tk 1,20,512 per bhori. On Tuesday, hallmarked 22-carat gold was sold at Tk 1,72,545 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 Tk 1,16,779 per bhori. Bajus has increased the silver price also. 22-carat silver price was fixed at Tk2846 per bhori, 21-carat silver at Tk2717 per bhori, and 18-carat silver at Tk1749 per bhori.

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.

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.