Gold prices have increased again in the domestic market, with the price of a bhori rising by more than Tk3,300 in a single day.
The new rates were set by the Bangladesh Jewellers' Association (Bajus) following an increase in the price of pure (acid) gold.
Under the new rates effective from 10am on Tuesday, 22-carat gold will be sold at Tk277,428 per bhori, up from Tk274,104 on Monday — an increase of Tk3,324.
Similarly, the price of 21-carat gold has been fixed at Tk264,772 per bhori, which is Tk3,091 higher than the previous rate of Tk261,681.
Decision at emergency meeting
According to a Bajus notification, an emergency meeting of its Standing Committee on Pricing and Price Monitoring was held at 9:30am on Tuesday in light of the rise in pure gold prices.
The new rates were determined unanimously after reviewing the overall market situation.
In a notification signed by Standing Committee Chairman Dr Dewan Aminul Islam Shahin, Bajus said the revised prices would remain effective at all jewellery outlets across the country until further notice.
New prices per gram
Under the revised rates, the price of 22-carat hallmarked gold (cadmium) has been set at Tk23,785 per gram. The price of 21-carat gold is Tk22,700 per gram, while 18-carat gold will be sold at Tk19,460 per gram. Gold produced under the traditional method has been fixed at Tk15,925 per gram.
For hallmarked silver jewellery, the price of 22-carat silver has been set at Tk615 per gram. The 21-carat silver will be sold at Tk590 per gram, while 18-carat silver has been fixed at Tk505 per gram. Silver produced under the traditional method will cost Tk380 per gram.
Market impact
With gold prices continuing to rise, concerns are mounting among buyers. Those planning to purchase gold, particularly ahead of the wedding and festive seasons, will face higher costs.
The notification also said that 5% VAT, as set by the government, must be collected from customers in addition to the fixed price and deposited into the state treasury.
Market insiders believe that the upward trend in international gold prices, along with fluctuations in the dollar exchange rate, is being reflected in the domestic market.