The country’s jewellers have decided to raise the price of gold in the domestic market to keep pace with its value in the global market.
“The price of different carats of gold will be increased by Tk 1,166 to Tk 1,459 a bhori. The new price will be effective from Sunday (today),” Bangladesh Jewellers Samity (BJS) General Secretary Dewan Aminul Islam said Saturday.
The newly fixed prices of different carats of gold are: per bhori of 22-carat gold Tk 48,406, 21-carat Tk 46,248, 18-carat Tk 39,658, and the traditional gold Tk 27,410, according to BJS data.
Since December 20 last year, the price of per bhori 22-carat gold was 46,947; 21-carat Tk 44,848; 18-carat Tk 38,432 and traditional gold Tk 26,244.
Mr Islam said, “The international market price of gold fluctuated from $ 1,299.27 to $ 1,320.43 an ounce until Friday. It is around $ 60 higher than our price fixed last in December.”
According to the Reuters, spot gold hit fresh three-month highs Friday and looked set to post its biggest weekly gain since October as more weak US data raised fears about economic growth, burnishing the metal’s appeal as a safe-haven.
US gold futures climbed for an eighth straight session — their longest winning streak since July 2011. Traders were cautious on whether gains could be held as equities were also higher.
“The recent gains definitely look like a short-covering rally to us. We don’t see the volumes, wealth management clients are not buying,” said Davis Hall, global head of foreign exchange and precious metals advisory at Credit Agricole Private Banking.
Hall said there could be selling due to the rally above $ 1,300 as investors tried to take profits.