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Gold Prices Reach Historic High in Global Market
Rtv News
01 Feb 2025, 18:35
Photo: Collected
For the first time, the price of one ounce of gold has surpassed $2,800 on the global market, setting a new record.
As of Saturday, February 1, 2025, the price of gold stood at $2,797 per ounce by the close of the trading week. During the final session, however, the price briefly touched $2,815 per ounce, marking the first time it has reached this level in history.
A review of the global market reveals that at the start of the previous week, the price of gold was at $2,770 per ounce. On the first trading day, it dropped to $2,731, but quickly began to rise. By January 29, the price of gold climbed to $2,760 per ounce.
As a result of the surging gold prices globally, domestic prices have also been adjusted. However, a representative from the Bangladesh Jewelers Association (BAJUS) noted that domestic prices have not increased at the same pace as global rates.
He explained that the price of gold was expected to exceed $2,800 sooner, as it had neared this level multiple times before. Last week, it finally breached the $2,800 mark. With global prices continuing to rise, domestic gold prices are expected to increase further soon, potentially matching the global trend.
It’s important to note that on January 29, BAJUS's Standing Committee on Pricing and Price Monitoring introduced new domestic gold prices, effective from January 30. The price of one bhori (11.664 grams) of 22-carat gold rose by 1,365 Taka, bringing it to 142,791 Taka. The price of one bhori of 21-carat gold increased by 1,307 Taka, reaching 136,306 Taka.
Similarly, the price of one bhori of 18-carat gold went up by 1,108 Taka, setting it at 116,827 Taka, while traditional gold rose by 956 Taka, with a new price of 96,018 Taka per bhori.
Following the increase in domestic gold prices, the price of one ounce of gold has risen by approximately $40 in the global market.
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Vegetable Prices Drop, While Rice and Chicken Prices Continue to Rise
Winter's peak season is bringing unexpected relief to vegetable markets. However, instability in rice and chicken prices has dampened that sense of relief.
A market survey on Friday (January 3) of popular spots like Mohakhali, Karwan Bazar, and Nakhalpara Samity Bazar revealed contrasting trends.
Rice Prices Surge
Over the last two weeks, rice prices have jumped by up to 10 BDT per kilogram, adding strain to household budgets. Retailers and wholesalers attribute the hike to millers, who blame higher paddy costs. However, many sellers believe the increase is unwarranted, citing manipulation by millers and weak regulatory oversight.
Miniket rice: Now 78–80 BDT/kg, up from 68–75 BDT/kg.
Nazirshail rice: Now 80–86 BDT/kg, compared to 70–78 BDT/kg.
BR-28 rice: Increased to 60–65 BDT/kg from 58–60 BDT/kg.
Coarse rice (Guti Swarna): Now 55–56 BDT/kg, up from 50–55 BDT/kg.
Imported Indian Miniket rice is priced slightly lower at 76–78 BDT/kg.
Shahajan Mia, a rice trader, accused millers of artificially inflating prices, stating, "They are exploiting the lack of monitoring to pressurize the government."
Chicken Prices Remain High
Despite the drop in egg prices—now at 130–135 BDT per dozen—chicken remains costly. Broiler chicken is priced at 190–200 BDT per kg, while Sonali chicken costs 330–350 BDT per kg.
Vegetable Markets Offer Relief
Vegetables have seen significant price reductions, with most items available for under 60 BDT per kilogram:
Radish and turnip: 15–20 BDT/kg
Flat beans: 20–40 BDT/kg
Carrots: 50–55 BDT/kg
Snake gourd: 35–40 BDT/kg
Bitter gourd: 30–50 BDT/kg
Eggplant: 40–50 BDT/kg
Tomatoes are priced at 50–70 BDT/kg, while yardlong beans range from 50–65 BDT/kg. Larger vegetables like cabbages and cauliflowers cost 15–20 BDT each, and bottle gourds are 40–50 BDT per piece.
New potatoes have also flooded markets, bringing their prices down to 40–45 BDT per kg, although older potatoes remain at 50 BDT per kg.
Onion and Garlic Trends
Local onions now cost 50–55 BDT per kg, a noticeable drop, while older onions are priced at 75–80 BDT per kg. However, garlic prices are slightly up, with domestic varieties at 230–235 BDT/kg and imported ones at 220–225 BDT/kg.
Fish and Meat Prices Steady
Beef prices remain high at 700–750 BDT/kg, and fish prices have shown no major fluctuations.
Consumers welcome the relief in vegetable prices but lament the financial burden caused by surging rice and chicken costs. For many, the benefits of winter's bounty are being offset by these persistent price hikes.
Gold Prices Surge to Two-Week High, Reasons Revealed
Gold prices have climbed to their highest levels in two weeks, with spot gold rising 1% on Thursday, January 2, to $2,649.73 per ounce, the highest since December 18. US gold futures also advanced by 0.8% to $2,663.20 per ounce, according to reports from Khaleej Times.
Market experts attribute this rally to heightened demand for gold as a safe-haven investment amid declining US Treasury bond prices. The Federal Reserve's dovish stance on interest rates and concerns surrounding new tariff policies under President Donald Trump's administration have further supported the upward momentum.
The falling value of US 10-year Treasury bonds has enhanced gold’s appeal to investors, as gold, unlike bonds, does not yield interest income.
Economic uncertainties and geopolitical tensions have also played a significant role in driving demand for the precious metal. In 2024, factors such as central bank gold purchases, reduced interest rates, and global tensions fueled a 27% annual surge in gold prices, reaching record highs.
Analysts predict that, after early-year profit-taking, gold prices will continue their upward trajectory, potentially reaching $3,000 per ounce by 2025.
Other precious metals have also experienced gains. Silver prices jumped 2.1% to $29.48 per ounce, while platinum and palladium rose 2.1% and 1.3%, trading at $922.85 and $922.40 per ounce, respectively.
The ongoing trend underscores the growing appeal of precious metals as reliable assets during times of financial and political uncertainty.
6 MDs of Banks Sent on Forced Leave
A total of six bank Managing Directors (MDs), including those from four banks under the control of the controversial S Alam Group, have been sent on forced leave.
According to a notification issued by the Bangladesh Bank on Sunday (January 5), the MDs were instructed to take leave.
The banks involved in the loan scam are: First Security Islami Bank, SIIBL, Union Bank, Global Islami Bank, EXIM Bank, and ICB Islami Bank.
Among them, the MD of First Security Islami Bank was sent on forced leave on Saturday.
It is understood that the decision to conduct a "forensic audit" on these private banks, which have fallen into liquidity crises due to loan fraud and various irregularities, was made by the task force formed for banking sector reforms. The audits will take place while the MDs are on leave. Since they were part of the previous management during these issues, their continued presence could potentially compromise the audit's impartiality.
Therefore, to avoid any controversy and ensure impartiality, they have been sent on leave.
It has also been reported that the forensic audit will review all transactions that took place within a specific period and investigate whether any data was deleted. Bangladesh Bank has agreed with this decision.
An official from the central bank stated that if the previous officials remain in place, there could be a possibility of manipulation during the audit, which is why both the Bangladesh Bank and the banks decided on this course of action.
ADB to Provide $1 Billion Annually for Bangladesh's Development
The Asian Development Bank (ADB) has pledged to provide Bangladesh with US$1 billion annually in concessional financing over the next five years to support the country's development initiatives.
The announcement was made by ADB Country Director Hoe Yun Jeong during a meeting with Syeda Rizwana Hasan, Adviser to the Ministry of Environment, Forest, and Climate Change, at the Forest Department on Sunday.
During the meeting, they discussed ADB's commitment to bolstering Bangladesh's efforts in climate resilience and environmental sustainability. Adviser Rizwana Hasan underscored the importance of prioritizing climate-focused and socially inclusive initiatives over traditional infrastructure projects.
Highlighting her government's ambitious plans to restore eight major rivers across the country's eight divisions, Rizwana urged ADB to focus on river-cleaning initiatives around Dhaka. She emphasized the need for actionable projects instead of just formulating plans and called for concessional loans to address critical environmental challenges, including:
Solid waste management
Sewage treatment
Salinity intrusion
Waterlogging
Human-elephant conflicts
In response, Hoe Yun Jeong assured Rizwana of ADB's enhanced financial support, including grants, to help achieve Bangladesh's environmental goals. He expressed strong interest in river cleaning projects and highlighted ADB's commitment to fostering community engagement and public consultations during project implementation.
The meeting was attended by the Environment Secretary, the Chief Conservator of Forests, and other representatives from ADB.
Government Doubles Tax on Refrigerator, AC, and Motorcycle Manufacturers
The government has set a 20% income tax on the earnings of companies manufacturing refrigerators, freezers, air conditioners, compressors, and motorcycles, including their spare parts.
This information was disclosed in a notification signed by National Board of Revenue (NBR) Chairman Abdur Rahman Khan on Wednesday, January 8.
According to the notification, the 20% income tax rate will apply to the income earned from the business of manufacturing complete freezers, refrigerators, motorcycles, air conditioners, and compressors, including spare parts. Currently, such industries are paying a 10% tax on their income.
The notification includes several conditions, such as:
The industrial company must be registered under the Companies Act, 1994.
The company must comply with the provisions of sub-sections (5) and (6) of section 76 of the Income Tax Act, 2023, along with other applicable regulations.
The company must have the capability to produce its own molds and dies.
The company must have its own polyurethane foaming plant, powder coating plant, and active waste management plant.
The company must be approved by the NBR and should not be formed through the restructuring or division of an existing business, or through the transfer of machinery or structures from an existing business in Bangladesh.
The notification also mentions that the NBR can withdraw its approval if any company fails to meet the specified conditions.
Currently, these industries are paying a 10% tax on their income and a 2% advance income tax (AIT) on the import of machinery, parts, and materials. This was initially intended to remain in effect until 2032.
Interest Rate on Savings Certificates to Increase
The interim government has initiated an increase in profit rates on savings certificates. According to the new decision, the profit rates will rise by at least 1%. However, investors with investments of up to Tk 7.5 lakh will receive slightly higher profits.
This information was revealed on Thursday (January 9) through sources from the Ministry of Finance.
It has been reported that the Chief Adviser, Dr Muhammad Yunus, has approved the proposal to revise the profit rates of national savings schemes. The Internal Resources Division of the Ministry of Finance will soon issue a notification.
According to the Ministry of Finance, the new profit rates on savings certificates will be effective from January 1. The rates will be determined based on the average interest rates of 5-year and 2-year treasury bonds (calculated from the last six months' auction results). However, a premium of up to 50 basis points will be added for investments up to Tk 7.5 lakh. This means slightly higher profits for investments up to this amount.
Using the new method, the government has determined the potential profit rates on savings certificates for the period from January to June.
Under this system, the profit rate for 5-year savings certificates for investments up to Tk 7.5 lakh will be 12.40%. For investments exceeding this amount, the profit rate will be 12.37%. Currently, the profit rate for 5-year savings certificates is 11.28%.
For 3-year savings certificates, the potential profit rate for investments up to Tk 7.5 lakh will be 12.30%. For investments exceeding this amount, the profit rate will be 12.25%. Currently, the profit rate for this scheme is 11.04%.
Once the new notification is issued, the profit rate for 5-year pensioner savings certificates for investments up to Tk 7.5 lakh will be 12.55%. For investments exceeding this amount, the rate will be 12.37%. Currently, the profit rate for this scheme is 11.76%.
Trade Fair Revives with Growing Crowds
Farzana Laboni, a private university student, shared her excitement about visiting the bustling Trade Fair. "My friends and I had been planning this visit for days. I needed to buy essentials, so I asked my father for money and the car. He agreed. On this chilly holiday morning, I woke up early and came here. Now, I'll shop, explore, and head home in the evening," she said.
Abdullah Al Mamun, visiting from Mirpur with his wife and five-year-old daughter, expressed his enthusiasm. "Work kept me busy on other days, but today, I brought my family to shop, eat, and let my daughter enjoy rides like the Ferris wheel. Hopefully, we'll head home on my motorcycle this evening," he remarked.
Manzurul Karim, a private bank employee, was on a mission to buy warm clothes, particularly Kashmiri shawls for his mother and sister. He said, "Weekdays are hectic for me. Since today is Friday and a holiday, I thought it was the perfect opportunity. However, prices seem a bit high. Lower prices would make shopping easier for everyone."
As the day progressed, visitor numbers steadily increased. Stalls offered various deals, and salespeople eagerly promoted their products. Saeed, a vendor selling non-stick frying pans and ovens, commented, "Though there are special offers, customers are mostly browsing and bargaining without making purchases. I hope sales pick up after Friday prayers."
Rabiul Islam, a cosmetics stall owner, noted, "Weekdays are quieter, but today will get crowded because it's a holiday. I expect a surge in visitors this afternoon."
Garment trader Rahmat Ullah echoed similar expectations, stating, "Families typically visit on holidays, so today should bring better sales."
The ticket counters were bustling with long queues. Shreyasi, a school student, said, "I'm usually busy with classes and coaching. That's why I came today. I plan to buy some makeup after entering."
Anwar Hossain, an ATM booth security guard, brought his seven-year-old son. "My son insisted we visit today. We'll buy his favourite items first, then explore the fair together before returning home," he shared.
Trade Fair director Bibek Sarker confirmed, "Crowds are naturally larger on holidays, and today will be no exception."
This year's Trade Fair showcases 362 pavilions and stalls, with 351 from local businesses and 11 representing seven countries—India, Pakistan, Turkey, Singapore, Indonesia, Hong Kong, and Malaysia.
The month-long event runs daily from 10 am to 9 pm, extending to 10 pm on holidays. Ticket prices are 50 BDT for adults and 25 BDT for children under 12, while freedom fighters and persons with disabilities can enter free with valid ID cards.
