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Gold Prices Drop in Four Consecutive Terms
Rtv News
15 Nov 2024, 15:04
Photo: Collected
Bangladesh Jewellers Association (BAJUS) has reduced the price of gold 4 times out of the last five price adjustments in the country's market. The total price has been reduced to Tk9,017 in four consecutive rounds.
BAJUS reduced the price of gold last Thursday (November 14). This time, the organization has reduced the price by Tk1,680 of 22-carat gold to Tk1,34,509.
According to the notification issued on Thursday (November 14) evening, the price of pure gold has decreased in the local market. As a result, the new price of gold has been fixed considering the overall situation. The new prices will be effective from Friday (November 15).
According to the new prices, per bhori (11.664 grams) of 22-carat gold will cost Tk1,34,509. Apart from this, the price of gold has been set at Tk1,28,397 per 21-carat, Tk1,10,062 per 18-carat, and Tk90,233 per bhori of traditional method gold.
In the notification, BAJUS also said that the selling price of gold must be added to the government-mandated 5 percent VAT and BAJUS-mandated minimum wage of 6 percent. However, the wages may vary depending on the design and quality of the jewelry.
Earlier, BAJUS last adjusted the price of gold in the domestic market on November 12. At that time, the organization reduced the price by Tk2,519 to Tk1,36,189 per bhori of 22-carat gold. Apart from this, the price of gold was fixed at Tk1,29,995 per 21 carat, Tk1,11,426 per 18 carat, and Tk91,411 per traditional method gold which came into effect from 13 November.
It should be noted that the price of gold has been adjusted 49 times in the country's market so far this year where the price has been increased 28 times, and reduced 21 times.
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Cyclone 'Dana' Brewing in Bay, May Hit Soon
A cyclonic storm called 'Dana' is feared to be brewing in the Bay of Bengal next week, according to weather forecasts, meteorological agencies in India, the United States and the European Union.
The cyclone is likely to form by the end of this month. Once formed, might make landfall in coastal areas of India and Bangladesh between 24-26 October.
These data were reported from weather forecast models on Friday (October 18).
According to most weather forecast models, a cyclone is likely to form in the Bay of Bengal between the 21st and 26th of this month.
From these weather forecast models, the formation of the cyclone is much confirmed, but it is still uncertain where it will hit. We have to wait till October 20 to confirm the matter.
The possible cyclone's name has been given by Qatar. It is likely to hit the coastal areas of Barishal Division and the neighboring Odisha state of India.
In a notification on Thursday (October 17), India Meteorological Department (IMD) said that there is a strong possibility of a cyclone forming in the North Andaman Sea around October 20. Due to this, a low pressure may develop in the central Bay of Bengal around October 22.
Meteorologist Nazmul Haque of Bangladesh said, "In October, there are favorable conditions for cyclones in the sea. A low pressure may also occur over central Bay of Bengal on October 22. However, the situation has not yet developed.
Earlier, the Met Office's long-term forecast said that there is a possibility of several low pressures in the Bay of Bengal in October. One of these may take the form of depression or cyclone. However, the weather office has not announced the specific time.
After Egg, Chicken Prices Soaring Now
The people of the country have seen many dramas about eggs for several days. Its price was increasing by leaps and bounds on various pretexts. Finally, some relief has returned to the egg market due to import duty exemption, but discomfort has started in the chicken market.
This was seen by visiting various markets of the capital including Karwan Bazar, and New Market Bazar on Friday (October 18).
A few days ago, the retail price of eggs touched Tk180-190 per dozen. Egg prices fell after the last egg import duty was reduced to 20 percent. At present, each dozen eggs are being sold at the retail level at Tk155-160. In wholesale, a dozen eggs are being sold at Tk150 and hali at Tk50.
Traders said that efforts are being made to sell eggs at government prices. If the supply is good, the price will come down very soon.
Buyers say that the price of fish and chicken in the market is already unbridled. Still more than Tk150 per dozen eggs.
A buyer named Md. Hossain Ali said that it is not possible to buy fish and meat. Now the price of eggs is also high. It also has to struggle to meet the protein needs.
It has been seen in the market that broiler chickens are being sold at Tk200-210 per kg and golden chickens are being sold at Tk280-300. The white layer is selling for Tk250 and the red layer is selling for Tk280.
The sellers say that the supply of chicken has decreased in the market. Moreover, rising prices of chicken feed and chicks are disrupting the production system, which is also affecting the market.
Abdul Alim, a chicken trader in Karwan Bazar, said that chickens are not coming like before. Along with this, the price increase in wholesale has an impact on the retail market as well.
A buyer named Faruque said that the price of eggs and chicken is very high in the market. The campaign is not working. The syndicate of traders is very strong. It will not be possible to break this syndicate unless strict laws are enforced.
Earthquake Jolts Several Regions of Bangladesh Including Dhaka
A mild earthquake with a magnitude of 4.1 on the Richter scale shook several regions of the country, including the capital city of Dhaka, early on Friday.
The tremor was felt at 12:43 am on Thursday night (October 17).
Volcano Discovery confirmed this information. According to the website, the epicenter of the earthquake was 41 km south of Dhaka. Its depth was 10 km.
In addition to Dhaka, the tremor was also felt in Chattogram and Barishal divisions.
There were no immediate reports of damage.
Users on social media platforms like Facebook posted about feeling the tremor in different parts of the country.
Earlier, on September 6, a mild earthquake was felt in Rangpur and surrounding areas. The earthquake was felt at 8:28 pm on Friday (September 6). The earthquake lasted for a few seconds.
Gold Prices Soar in Bangladesh As Well As World Market
A new history has been created in the price of gold, breaking all previous records in the world market. For the first time in the world market, the price of one ounce of gold exceeded 2,711.19 dollars. As such, the price of this precious metal can rise and create new records in the country's market at any time.
On Friday (October 18) at 12:00 pm, the price of gold in the spot market was at $2,711.19. The price rose $18.10, or 0.67 percent per ounce in one day.
The US election, the Federal Reserve's interest rate cut, and tensions in the Middle East are now driving gold prices higher in the global market, Reuters reported.
Bangladesh Jewelers Association (BAJUS) determines the price of gold in the country's market. According to the latest prices offered by the organization, the best quality or 22-carat gold per bhori is priced at Tk1,37,453. This is the highest price of gold in the market of the country so far. The price of 21-carat solid gold is Tk1,31,197, 18-carat is Tk1,12,453, and the traditional method is fixed at Tk92,286.
BAJUS Standing Committee on Pricing and Price Monitoring Committee decides to increase or decrease the price of gold on behalf of the organization. A member of this committee said, "The rate at which gold prices are increasing in the world market, the price of gold will have to be increased in the country's market as well. There is no alternative."
He said, "I decided to increase or decrease the price of gold based on the international market as well as the local market."
350cc Royal Enfield to be Launched in Bangladesh, Price and Features
350cc motorcycle is coming to the market of the country after a long year of approval. 350cc 'Royal Enfield' bike will be launched in Bangladesh on October 21.
Ifad Motors, the local manufacturer of Royal Enfield motorcycles, revealed this information on Friday (October 18).
A new LED headlamp is going to be seen in it, along with a new taillight, updates are going to be seen in the USB charging port, as well as many changes have been given in its instrument cluster.
According to the report, disc brakes and single and dual-channel ABS are also going to be seen on two wheels.
Apart from this, new colors are going to be seen in Royal Enfield Classic 350, which includes Jodhpur Blue, Medallion Bronze, Commando Sand, Madras Red, Copper with Copper Highlights, Regal Green, Grey, Black, Chrome, and it has been launched in Signal, Dark, Emerald, Heritage, Heritage Premium variant varieties
Ifad Motors has set up a state-of-the-art production facility under its own management at Chauddagram, Cumilla for the production of Royal Enfield. Which is capable of producing world-class motorcycles. Royal Enfield's 350cc bike will be launched in Bangladesh on October 21. However, they have kept the price of the bike as a surprise for the customers.
However, according to sources, the Royal Enfield 350cc bike can be priced between four and a half lakh to five and a half lakh taka.
Earlier, in September last year, the Ministry of Home Affairs gave permission to drive motorcycles up to 350cc on the road. As a result, high CC bikes get an opportunity to enter the country's market.
Cyclone Dana Storing Energy, May Hit Bangladesh Coast
There is isolated rain across the country due to the low pressure created in the Bay of Bengal. The low pressure may turn into a cyclone in the next few days. If the cyclone forms as predicted, the name will be 'Dana'.
According to the warning from the Meteorological Agency, a low pressure will form in the sea on October 23. It may develop into a strong cyclone by October 23 or 24.
On the other hand, it is not completely certain that the cyclone hit which coast if it is not formed. However, the Barishal and Khulna divisions of Bangladesh and Odisha state of India have been reported as possible routes.
It is said that if the cyclone hits any coast of the Barishal and Khulna divisions, its speed may be 100 to 120 kilometers per hour.
On the other hand, if this cyclone hits Odisha in India, its speed may be 130 to 150 km per hour.
Mostafa Kamal Palash, a PhD researcher on meteorology and climate at the University of Saskatchewan in Canada, said in a Facebook post citing the US and European Union weather forecast models that a cyclone may form in the Bay of Bengal between October 21 to 26. The possible cyclone may be of low or moderate intensity. If a cyclone forms, it may hit the coast on October 24 or 25. However, to specify the time and place, we have to wait until October 20.
In this regard, Manowar Hossain, a meteorologist of the Bangladesh Meteorological Department, said that the low pressure that has been created may turn into a low pressure. Cyclone updates are usually given 24 hours in advance by the Meteorological Department. But now it cannot be said for sure whether this low pressure will turn into a cyclone from the responsible place. However, there is a caveat.
Earlier, the long-term weather forecast in early October said that several low pressures may develop in the Bay of Bengal this month, out of that, one may develop into a depression or cyclone.
Banking Sector Reforms Underway, Customers Confidence Being Restored
The banking sector has been on the path of development since the interim government took over. Looting in the name of loans has stopped, and customers are regaining confidence in deposits. As a result, the liquidity crisis has started to decrease.
Under the leadership of the dictator Sheikh Hasina, the Awami misrule of almost 16 years has been the festival of looting and money laundering. A large part of this was taken from the bank by the party leaders and workers in the name of fake company loans. Several banks are now on the verge of bankruptcy due to such unusual looting.
But hopefully, the banking sector has started to turn around since the interim government took over. According to the data of Bangladesh Bank, at the end of last August, 43 banks out of 61 scheduled banks have excess liquidity, amounting to Tk 1 lakh 90 thousand 306 crores.
Excess liquidity in five state-owned banks is Tk 63 thousand 670 crore. Of this, only Sonali Bank has 49 thousand 43 crores. 31 private banks have 91 thousand 674 crore taka. Besides, additional liquidity in 9 foreign banks is 34 thousand 677 crores.
Banking sector expert Dr Toufic Ahmad Choudhury said that the owners or the board used to collect deposits from all the employees. Then they took them under the name of sharing and lending. As these are stopped, the confidence of the customers is returning. As a result, deposits in banks are also increasing.
Towfiqul Islam Khan, Senior Research Fellow of Center for Policy Dialogue (CPD) said, that if the hide-and-seek game that has been going on in the banking sector for a long time is not overcome, people's trust will not be returned.
Mahfuz Kabir, the research director of the Bangladesh Institute of International and Strategic Studies (BIISS) said that Banking
