After a continuous rise in the international market, there has been a sudden big drop in the price of gold. The price of gold in the global market has dropped by about 8.22 percent in a single day, which is one of the biggest falls in recent times.
At 2:30 am on Friday, January 30, Bangladesh time, the price of spot gold fell to $4,890 per ounce. The previous day, the price of gold was about $5,200 per ounce. Earlier, on Thursday morning, the price of gold rose above $5,550, setting a record high in history.
After reaching the record price, the price of gold per ounce in the global market has dropped by about $660 in just two days. Its amount in Bangladeshi currency is more than 80,500 taka. Such a big fall in a short period of time indicates instability in the global gold market.
According to industry insiders, the price of gold has recently risen rapidly to a record high due to the tension between the US and NATO over the Greenland issue, the ongoing war situation in Iran and the Middle East, and overall geopolitical tensions. However, after touching that height, the price has started falling for the last two days.
Analysts say that amid global uncertainty, the demand for gold as a safe investment increases and its price continues to rise rapidly. But after making significant profits in a short period of time, many investors have now started taking profits. In addition, the strengthening of the US dollar and indications that interest rates may remain high for a long time are putting pressure on the price of gold. Along with this, the recent price decline has been accompanied by natural price corrections.
The impact of this major decline in the global market has quickly reached the domestic market. As a result, large fluctuations are being seen in the price of gold within a short period of time.
On the morning of Thursday, January 29, the Bangladesh Jewelers Association (BAJUS) increased the price of gold by Tk 16,213 per ounce in one step. This brought the price of a good quality gold to 2 lakh 86 thousand taka, which was the highest in the country's history. However, less than 24 hours later, the price was announced to be reduced. On Friday morning, the price of good quality gold was reduced by a maximum of 14 thousand 600 taka per bhori, bringing it down to 2 lakh 71 thousand taka. This price is effective from 10:45 am on Friday.
According to the latest list of Bajus, the price of a 22-carat gold bhori is 2 lakh 71 thousand 363 taka, the price of 21-carat gold is 2 lakh 59 thousand taka, the price of 18-carat gold is 2 lakh 22 thousand 24 taka and the price of traditional gold is 1 lakh 82 thousand 833 taka.
The price of silver has also been revised. The price of a 22-carat silver bhori is 7 thousand 757 taka, 21-carat silver is 7 thousand 407 taka, 18-carat silver is 6 thousand 357 taka and the price of traditional silver is 4 thousand 782 taka.
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