Record High Gold Prices in Bangladesh
The price of 22-carat gold has reached an all-time high in Bangladesh, soaring to Tk 120,081 per bhori. The Bangladesh Jewellers Association (BAJUS) announced the increase, attributing it to the rising price of pure gold.
Each bhori of 22-carat gold will now cost Tk 1,190 more, starting from Monday. Additionally, the price of 21-carat gold has risen to Tk 114,622, while traditional gold is now priced at Tk 81,229.
Factors Influencing Gold Prices
Several factors can influence gold prices, including global economic conditions, geopolitical events, and currency fluctuations. Investors often turn to gold as a safe-haven asset during times of uncertainty, which can drive up demand and prices.
The Bangladesh Jewellers Association also highlighted the impact of taxes and labor costs on the final price of jewelry. A 5 percent VAT and a minimum 6 percent wage are added to the cost of gold jewelry, further contributing to the overall price.
Market Sensitivity and Price Adjustments
BAJUS has adjusted gold prices 32 times already this year, reflecting the market’s sensitivity to various factors. In comparison, the association revised prices 29 times last year, indicating the dynamic nature of the gold market in Bangladesh.
It is important for consumers to stay informed about gold prices and market trends to make informed purchasing decisions.
