Gold prices climb Tk 8,806 per bhori in two days

Image- Collected

Gold prices in Bangladesh have risen by Tk 8,806 per bhori following two consecutive increases announced by the Bangladesh Jewellers Association (BAJUS) on Wednesday and Thursday.

Under the latest revision, the price of 22-carat gold has been set at Tk 229,664 per bhori, following Thursday’s increase of Tk 5,482. The association had raised the price by another Tk 3,324 on Wednesday.

The latest rates took effect on Thursday morning, according to a BAJUS press release. The association attributed the increases to a rise in the local price of pure gold, known as tejabi gold, after reviewing the overall market situation.

Under the revised rates, 21-carat gold costs Tk 219,342 per bhori, while 18-carat gold is priced at Tk 188,374. Gold sold under the traditional method costs Tk 153,848 per bhori. One bhori is equivalent to 11.664 grams, and the listed gold prices include VAT.

Before the latest increases, 22-carat gold was priced at Tk 224,182 per bhori on Wednesday and Tk 220,858 on November 3.

International market also sees sharp gains

Gold prices have also climbed in the international market amid a weaker US dollar and declining Treasury yields following a major Democratic victory in the US midterm elections.

Spot gold rose 1.9 per cent to $4,134.83 per ounce on Thursday, reaching its highest level since October 22. The metal had gained 3.4 per cent on Wednesday, marking its biggest single-day rise since August 19.

Citi, a US-based multinational banking group, has projected that international gold prices could reach $4,500 per ounce within the next one to three months.

The bank based its forecast partly on expectations that the Strait of Hormuz will reopen by the end of the year and tensions in the Yemen-Saudi conflict will ease.

Meanwhile, domestic silver prices remain unchanged. A bhori of 22-carat silver is selling for Tk 3,499, while 21-carat silver costs Tk 3,383, 18-carat Tk 2,916 and traditional-method silver Tk 2,216, including VAT.