Gold Prices Cut for a Second Straight Time, Down by up to Tk 1,691 per Bhori
The Bangladesh Jewellers Association (BAJUS) has again announced a cut in gold prices in the domestic market. Silver prices have also been reduced slightly. This is the second consecutive time that gold and silver prices have been lowered.
This time, gold has become cheaper by up to Tk 1,691 per bhori. Silver has fallen by Tk 175 per bhori. The new prices matter to both buyers and sellers.
BAJUS announced the information in a statement on Thursday (22 October). According to the statement, the new prices took effect from 10am today.
BAJUS said the new prices were decided at a meeting of its standing committee on price fixing and price monitoring at 9am today. The decision was put into effect within about an hour of the meeting.
After the cut, the price of good-quality, 22-carat gold including VAT stands at Tk 226,340 per bhori. Yesterday, gold was traded at Tk 228,031 per bhori.
Under the new rates, 21-carat gold is priced at Tk 216,192 per bhori. Gold of 18 carats will be sold at Tk 185,691 per bhori.
The price of traditional-method gold has been set at Tk 151,690 per bhori. One bhori here refers to a weight of 11.664 grams.
Under the new silver rates, 22-carat silver will be sold at Tk 4,024 per bhori. Silver of 21 carats is priced at Tk 3,849 per bhori.
In addition, 18-carat silver has been set at Tk 3,324 per bhori and traditional-method silver at Tk 2,508 per bhori. With silver falling alongside gold, jewellery buyers have received some relief.
The association said local prices fell because the price of pure gold declined. However, prices fell on the global market before the local market, and that effect has reached the domestic market as well.
According to goldprice.org, a reliable website for global gold and silver prices, gold was priced at $4,090 per ounce on the international market this morning.
Even after a second consecutive cut, a bhori of gold still costs well above Tk 200,000. Pressure on buyers who purchase gold for weddings and social occasions is therefore easing only slowly, and full relief will depend on further price falls.
