Gold prices have risen again in Bangladesh, with the price of 22-carat hallmarked gold increasing by around Tk2,158 per bhori, or 11.664 grams, in a day.
The Bangladesh Jewellers Association (Bajus) announced the new prices after reviewing the latest changes in the price of pure gold. The revised rates came into effect at 10am on Saturday.
Under the new rates, 22-carat hallmarked gold is priced at Tk20,300 per gram, up Tk185 from the previous Tk20,115. This translates into an increase of around Tk2,158 per bhori.
The decision was taken at a meeting of Bajus’s Standing Committee on Pricing and Price Monitoring on Saturday morning after reviewing overall market conditions. The committee’s chairman, Dr Dewan Aminul Islam Shahin, signed the notification.
Gold prices by purity
According to the new price list: 22-carat: Tk20,300 per gram, 21-carat: Tk19,390 per gram, 18-carat: Tk16,650 per gram, Traditional method: Tk13,600 per gram
Compared with the previous rates, the price of 21-carat gold has increased by Tk180 per gram, 18-carat gold by Tk155 and traditional-method gold by Tk125.
Silver prices also rise
Bajus has also raised the prices of silver ornaments.
Under the revised rates, 22-carat hallmarked silver costs Tk435 per gram, 21-carat Tk415, 18-carat Tk360 and traditional-method silver Tk270.
Prices change repeatedly within days
Gold prices have changed several times in recent days.
On Thursday, August 13, Bajus raised the price of 22-carat gold by Tk1,633 per bhori, citing an increase in the price of pure gold.
The following day, Friday, the association reduced the price after reporting a decline in the price of pure gold, setting the 22-carat rate at Tk20,115 per gram.
On Saturday, Bajus raised the price again following another increase in the price of pure gold. As a result, gold prices have been revised multiple times within three days.
International market influences prices
Gold prices in international markets have recently experienced significant volatility. Factors including US inflation, expectations surrounding interest-rate decisions by the Federal Reserve, movements in the US dollar and profit-taking by investors have contributed to fluctuations in global gold prices.
Alongside international market movements, the local price of pure gold is an important factor in determining retail gold prices in Bangladesh. Bajus regularly adjusts domestic prices in line with changes in both global and local markets.
VAT cannot be charged separately
According to the Bajus notification, VAT is included in the announced selling prices. Jewellery retailers therefore cannot charge customers VAT separately.
Labour charges will apply depending on the design of the jewellery. Bajus’s existing rules will remain in effect for the exchange and purchase of old jewellery, excluding the applicable VAT, labour charges and the price of stones.
The revised prices will remain effective at jewellery shops across the country until further notice from Bajus.
