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Gold prices in Bangladesh have soared to a new historic high, reaching Tk 209,101 per bhori (approximately 11.664 grams), breaking the record set just a day earlier.
The new rate, which reflects an increase of Tk 6,905 per bhori of 22-carat, comes into effect on today (Thursday), as announced by the Bangladesh Jewellers Association (BAJUS) on Wednesday.
The prices of 21-carat gold will be Tk 199,594 per bhori while 18-carat Tk 171,088 per bhori and traditional gold Tk 142,301 per bhori, Prices of the precious metal have been on a continuous upward trend, with record-setting hikes occurring almost weekly. In September alone, the price of 22-carat gold surged by over Tk 16,000 per bhori.
On the international front, gold prices also climbed to an all-time high, crossing the $4,000 mark per ounce on Wednesday.
According to Reuters, spot gold rose by 0.9 per cent to $4,017.16 per ounce by 04:42 GMT, while US gold futures for December delivery climbed 0.9 per cent to $4,040 per ounce.
The surge is driven by growing economic and geopolitical uncertainties, along with expectations of interest rate cuts by the US Federal Reserve, prompting investors to seek safety in gold.
Speaking to The Financial Express, Masudur Rahman, chairman of the BAJUS Price Fixing and Monitoring Standing Committee, explained the rationale behind the frequent price revisions.
"When gold prices change in the global market, we have to adjust local prices accordingly," he said.
Although Bangladesh does not import large quantities of gold and relies mainly on recycled gold from domestic sources, the local market remains closely linked to global trends.
"As gold plays a dominant role in the global economy, we must align our prices to reflect international movements," Rahman added. "Failing to do so may lead to increased gold smuggling to neighbouring countries where prices are higher."
Industry insiders report a decline in local gold sales, attributing the drop to the continued rise in prices. Many consumers are holding back on purchases amid economic uncertainty and high costs.
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