Bangladesh gold prices escalate to new high amid pandemic

  • Abdur Rahim Harmachi, bdnews24.com
    Published: 2020-08-06 02:33:50 BdST

bdnews24

The prices of gold in Bangladesh have increased again after reaching a record level 12 days ago amid the coronavirus pandemic.

The jewellers on Wednesday raised the price of the precious yellow metal of the best quality, 22 carat, by Tk 4,432 to Tk 72,783 per Bhori (11.664 grams).

The new prices will be effective from Thursday, Bangladesh Jewellers Samity or Bajus said in an announcement.

Its General Secretary Dilip Kumar Agarwala said continuous hike in gold prices in the international market forced them to push the local prices again.

He also said people were stocking up on gold considering it a safe investment amid the pandemic crisis.

“I don’t know where this (hike) will stop,” he added.

Generally Bajus raises or cuts gold prices by around Tk 1,500 per Bhori. The association raised gold prices by up to Tk 5,715 a Bhori for the last time on Jun 22

The prices rose by up to around Tk 3,000 on Jul 24.

New gold prices (per Bhori):

22 carat – Tk 77,216

21 carat – Tk 74,066

18 carat – Tk 65,318

For the traditional method, in which gold is acquired from old ornaments with no agreed standards of purity, the price has been fixed Tk 54,996 per Bhori.

Silver price has been kept unchanged at Tk 933 per Bhori.

In the international market, gold jumped to a record high on Wednesday, pushing further past $2,000 an ounce, Reuters reported.

The precious metal has soared more than 30 percent in the global market this year.  It is benefiting from heightened uncertainty around the long-term effects of the global health crisis.

Weakness in the dollar, which fell back towards recent two-year lows, and falling US yields have encouraged investors to look for an alternative store of value - boosting the appeal of gold.