In an unprecedented market move, gold prices in Bangladesh skyrocketed on Tuesday, surging by a total of BDT16,330 per bhori through two consecutive hikes.

The rapid adjustments, announced by the Bangladesh Jewellers Association (BAJUS), have pushed the price of the precious metal back above the BDT 260,000 mark, effectively reversing the brief price drops seen just 24 hours earlier.

The day began with an initial morning hike of BDT 5,424, followed by a second, more substantial increase of BDT 10,906 in the afternoon.

Consequently, the price of 22-carat hallmarked gold now stands at BDT 262,090 per bhori, effective immediately.

BAJUS attributed this extreme volatility to a sharp rise in the price of tejabi (pure) gold in the local market, alongside a dramatic jump in global spot prices, which surged by over 6 percent in a single day to trade near USD 4,900 per ounce.

Under the newly implemented rates, 21-carat gold is priced at BDT 250,193 per bhori, 18-carat gold at BDT 214,443, and traditional method gold at BDT 175,485. On top of these base prices, consumers are required to pay a 5 percent government-imposed VAT and a minimum 6 percent making charge.

Interestingly, while gold prices soared, silver prices saw a slight reduction, with 22-carat silver now fixed at BDT 6,532 per bhori.

This marks the 24th adjustment of gold prices this year—comprising 16 increases and 8 reductions—as the domestic market continues to grapple with intense global economic fluctuations.