Gold prices up Tk 4,712 in a day

The price of gold keeps mounting in the local market, taking the precious metal almost out of the limited-income groups' reach.

With the latest revision that came into effect on Monday by Bangladesh Jewellers' Association (BAJUS), the price of gold went up by Tk 4,712 in a day, taking the value of 22-carat gold to Tk 172,545 per bhori (11.664 grammes), marking the highest-ever price surge in the history of the country.

Before the latest revision, the price of per bhori of gold was Tk 167,833, according to the apex trade body of jewellers'.

BAJUS earlier raised the price of gold by Tk 3,033 per bhori last Wednesday. On Saturday, the association announced a further upward revision of Tk 2,624 per bhori, effective from Sunday last.

In fact, the rising trend of gold prices is too fast than that of the international market, which is a matter of concern for consumers. The gold price soared by Tk 33,000 per bhori since November when the rate was Tk 139,000, according to traders.

In accordance with the latest revision (Tk 14793), the local price of one ounce of gold stands at Tk 460114. One ounce equals to 31.1035 grammes.

But, the current spot price for gold in the United States is approximately $3400 per ounce, equivalent to around Tk 414,800. It means gold in Bangladesh is being sold at Tk 45,314 higher than the global market rate.

According to the local gold market players, the upturn in the prices of gold may continue in the coming days as uncertainty in the global market still persists because Trump administration may fire the Fed Chairman Jerome Powel.

The massive change in the gold price comes after the ongoing trade war fuelled up by the Trump administration. As a matter of fact, the dollar index dropped sharply in recent time, making gold a safe haven for the investors in place of the American greenback. And the result is obvious; the demand of gold continuous rising all over the world, which impacted its value.

"We've fixed the gold price considering global market rates along with wholesale bullion traders in the capital's old city," Masudur Rahman, vice president of BAJUS, told the FE.

He said gold normally sources in three ways - import by the central bank, authorised dealers and licensed dealers. But unfortunately, all of them are not active here, prompting the Jewellers' for informal channel in sourcing the precious metal.

Seeking anonymity, another gold trader said the gold price normally stays above the rate of the international market as they have to depend on unauthorised sources in collecting the gold. "That's why it (the price) is much higher than that of the global market rate."

Gold surged above $3,400 to a new record high on Monday, as the dollar weakened and uncertainty over the economic impact of US-China trade tensions spurred demand for safe-haven bullion, reports Reuters.

Spot gold rose 2.6 per cent to $3,414.91 an ounce at 09:26 a.m. ET (1326 GMT). Prices hit a record high of $3,424.25 earlier in the session.

US gold futures rose 2.9 per cent to $3,424.50.

The dollar tumbled as investor confidence in the U.S. economy took another hit over President Donald Trump's comments about Federal Reserve chairman Jerome Powell. A weaker dollar makes bullion more appealing for other currency holders.

On the trade war front, China accused Washington of abusing tariffs and warned countries against striking a broader economic deal with the US at its expense.

"As tariff tensions continue to move at a fevered pitch, we continue to see gold prices move to the upside as a safe haven response," said David Meger, director of metals trading at High Ridge Futures.

"There'll be pullbacks and profit-taking at times, but we still believe in the underlying trend to be on sideways to higher trajectory."

Gold, which is considered a hedge against uncertainties and known to be a highly liquid asset, has scaled multiple record highs and gained more than $700 since the start of 2025. It surpassed $3,300 last Wednesday and its strong momentum pushed it up by another $100 in just a few days.

"These much bigger daily price moves in gold are one early clue this very mature bull market run is close to climaxing and that a near-term market top may be close at hand, from a time perspective, more so than a price perspective," said Jim Wyckoff, senior analyst at Kitco Metals.

Among other metals, spot silver added 0.8 per cent to $32.87 an ounce, platinum was down 0.6 per cent at $961.63 and palladium slipped 3 per cent to $933.02.

siddique.islam@gmail.com, jubairfe1980@gmail.com