TL;DR:
- Gold prices in Bangladesh will drop by Tk 2,520 per bhori starting November 13, 2024.
- The new price for 22-carat gold ornaments will be Tk 136,188 per bhori, down from Tk 138,708.
- The decision was made by the Bangladesh Jewellers Association due to a decrease in local pure gold rates.
- Bangladesh’s gold demand is between 20 and 40 tonnes annually, with 80% of it met through smuggled gold.
Dhaka, November 12, 2024 – The price of gold in Bangladesh is set to decrease by Tk 2,520 per bhori (11.664 grams) starting tomorrow, November 13, 2024. This reduction comes as a result of a decline in the local market price of pure gold, according to the Bangladesh Jewellers Association (BAJUS).
With the new adjustment, the price of 22-carat gold ornaments will drop from today’s rate of Tk 138,708 per bhori to Tk 136,188 per bhori. This marks a significant shift for consumers and businesses alike, particularly in light of the sustained high prices seen over the past year.
The decision was made during a meeting held by BAJUS’s standing committee on pricing and price monitoring in Dhaka earlier today. The association regularly reviews and adjusts gold prices based on fluctuations in both domestic and international markets.
This price decrease follows a period of record-high gold prices in Bangladesh. On July 20, 2023, the price of gold surpassed Tk 100,000 per bhori for the first time in the country’s history. Since then, prices have continued to rise due to global market trends and local supply constraints. In October 2024, the price reached an all-time high of Tk 141,950 per bhori.
Bangladesh’s demand for gold ranges between 20 and 40 tonnes annually, with approximately 80 percent of this demand being met through smuggled gold. Despite not importing significant quantities of gold directly, local prices are heavily influenced by international market movements.
The recent drop in gold prices offers some relief to consumers who have been facing high costs for over a year. However, it remains to be seen how long this downward trend will continue given the volatility of the global gold market.
For now, those looking to purchase gold ornaments will benefit from the lower rates starting tomorrow.
Source: The Daily Star
