Gold price drops by Tk 14,600 per bhori

After five consecutive hikes, gold prices in the domestic market have finally been reduced, with the Bangladesh Jewellers Association (BAJUS) announcing a cut of up to Tk 14,600 per bhori.

As a result, the price of top-grade gold has fallen to Tk 271,000 per bhori. Just a day earlier, gold prices had surged to Tk 286,000 per bhori, the highest level ever recorded in Bangladesh.

In a statement issued on Friday (January 30), BAJUS said the new prices came into effect from 10:45 AM on the same day.

According to the association, the price reduction was driven by a decline in the rate of tejabi (pure) gold in the local market.

Meanwhile, gold prices also fell in the international market. Goldprice.org, a widely used global platform tracking gold and silver prices, reported that the price of gold dropped to USD 5,200 per ounce on Friday morning, down from over USD 5,550 on Thursday.

Under the revised rates in the local market, the price of 22-carat gold now stands at Tk 271,363 per bhori, while 21-carat gold is priced at Tk 259,000 per bhori.

The price of 18-carat gold has been fixed at Tk 222,024 per bhori and gold made under the traditional method is selling at Tk 182,833 per bhori.

Silver prices have also been reduced. Under the new rates, 22-carat silver costs Tk 7,757 per bhori, 21-carat silver costs Tk 7,407 per bhori, 18-carat silver costs Tk 6,357 per bhori and traditional silver costs Tk 4,782 per bhori.