The latest hike in gold prices in Bangladesh has pushed the precious metal鈥檚 value beyond levels anticipated from global market trends.
On Sunday, high-quality 22-carat gold was being sold at Tk 1,67,833 a bhari (11.664 gram), marking the highest price ever recorded in the country.
This follows the most recent price revision, which came into effect from Sunday.
Meanwhile, Goldman Sachs has forecast that the global price of gold could reach $3,700 an ounce by the end of 2025. One ounce equals 31.1035 gram.
The Bangladesh Jewellers鈥� Association has fixed the 22-carat gold price at Tk 14,389 per gram. Accordingly, the local price of one ounce of gold stands at Tk 4,47,548.
But, the current spot price for gold in the United States is approximately $3,328.30 an ounce, equivalent to about Tk 4,02,724.
This means gold in Bangladesh is being sold at Tk 44,824 higher than the international market rate.
The BAJUS had earlier raised the price of gold by Tk 3,033 a bhari on April 16.
On Saturday, the association announced a further increase of Tk 2,624 a bhari, effective from Sunday.
As per the new pricing, from Sunday, hallmarked 22-carat gold is being sold at Tk 1,67,833 a bhari, 21-carat at Tk 1,60,205 a bhari, and 18-carat at Tk 1,37,309 a bhari. Besides, the price of traditional method gold has risen to Tk 1,13,491 a bhari.
Up until Saturday, the prices stood at Tk 1,65,209 a bhari for 22-carat hallmarked gold, Tk 1,57,697 for 21-carat, Tk 1,35,174 for 18-carat and Tk 1,11,660 a bhari for traditional gold.
In a press release, the BAJUS stated that the selling prices of gold and silver must include a 5 per cent VAT as mandated by the government, along with a 6 per cent minimum wage set by the association.
The wage component may vary based on the jewellery鈥檚 design and craftsmanship.
