Jewelery
Gold losing its shine on the back of relentless price rise
Gold has a special place in people's lives not only as an ornamental commodity, but also as a valuable resource and store of value. It’s worth therefore extends from the individual to the state level.
No matter how expensive the paper currency is, its foundation of trust is shaky. People prefer buying gold regarding it as a valuable asset for the future.
Investing in gold is reliable. So everyone wants to save it as an asset. In countries of the region, including Bangladesh, gold has become an 'essential' commodity at the time of marriage.
Also read: Is Gold a Good Investment in 2022?
Of course, the rich are forced to go to the gold shops to protect their social status. But year after year the rise in gold prices has reduced the number of buyers going to the store. Middle-class and low-income families are under great pressure to maintain social norms.
The quantity of a bhori (11.66 gram) of 22 carat gold that could be bought for Tk150 in 1971, now costs more than Tk73,000. A first-class government official can no longer afford to buy even half a bhori of gold with a full month's salary.
2 years ago