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New Upswing in Gold Market, Prices up to All-time High

Rtv News

  23 Nov 2024, 15:42
Photo: File Picture

After a major fall in the price of gold in the world market, there has been a major upswing. Two weeks ago, the price of gold in the world market fell to about 122 dollars per ounce. Then last week, the price of gold increased by more than 153 dollars per ounce. Along with the world market, gold prices have also been volatile in the Bangladeshi market. The price of gold in the domestic market has been adjusted 6 times within 23 days of this November.

Although the price of gold was increased in the domestic market last week, it is less than in the global market. The price of good quality gold per bhori has increased by Tk4,934 in two consecutive rounds within a week. The price of gold per bhori was reduced by Tk4,199 in the previous week.

On October 30, the price of gold per ounce reached a record 2,789 dollars. Then, on October 20, 23, and 31, the price of gold was increased three times in a row in Bangladesh, which created history in the domestic market. The price of good quality gold per bhori is Tk1,43,526. Then, the price of gold started falling on October 31. After several declines, the price of the precious metal fell to 2,547 dollars per ounce. The price of gold in the domestic market was also reduced by Tk9,017 in four phases between November 5 and 15.

The price of gold has again shown a rising trend in the global market. At the end of last week, the price of gold per ounce rose to 2,715.85 dollars. At the beginning of the week, it was 2,562.54 dollars per ounce. The price of gold increased by 153.31 dollars within a week. It increased by Tk18,397 in Bangladeshi currency. In coordination with the global market, the price of gold in the domestic market was increased by Tk4,934 on November 20 and 22.

The Bangladesh Jewelers Association (BAJUS) determines the price of gold in the domestic market. The 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, 'If gold price increases or decreases in the world market, adjustments are made in the domestic market. However, the widespread instability in the price of gold in the world market has made it very difficult to predict the market situation. The latest situation in the world market may also impact the price of gold in the domestic market. Because the price of gold per ounce increased by about 50 dollars last week.'

The current price of gold in the Bangladeshi market
On November 21, BAJUS increased the price of gold and set a new price. According to the new price, the price of a 22-carat gold per bhori has been set at Tk1,39,443. In addition, the price of 21-carat gold per bhori has been set at Tk1,33,98, 18-carat gold per bhori has been set at Tk1,14,086 and the price of traditional gold per bhori has been set at Tk93,674.

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