The Bangladesh Jewellers Association (BAJUS) has announced a significant cut in gold prices, slashing the cost by Tk 8,386 per bhori (11.664 grammes) following a drop in pure gold rates in the local market. Effective tomorrow, the price of each bhori of 22-carat gold will drop from its recent historic peak of Tk 217,381 to Tk 208,995.
The reduction comes after a period of sharp and steady increases, with prices setting new records almost weekly. On October 19, gold had surged to its highest-ever price. In September alone, 22-carat gold prices rose by over Tk 16,000 per bhori.
Industry experts have attributed the prolonged surge to global factors, including the international bullion market, the devaluation of the taka, economic uncertainty, and high inflation.
Bangladesh's domestic gold prices closely follow global trends, despite the country not importing significant volumes.
Annual domestic demand is estimated to be between 20 and 40 tonnes.
Industry insiders note that approximately 80 percent of the country's gold demand is met through smuggling, resulting in substantial revenue losses for the government.
Gold prices have seen a dramatic long-term rise, crossing the Tk 100,000 per bhori mark in July 2023 and the Tk 200,000 mark earlier this year.
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