BAJUS Explains How Gold Prices Are Set in Bangladesh

The Bangladesh Jewellers Association (BAJUS) has clarified that it does not independently decide whether gold prices in Bangladesh should rise or fall. The association said its Standing Committee on Pricing and Price Monitoring monitors the domestic market and adjusts prices in line with movements in international gold prices.

BAJUS issued the clarification in a statement on Sunday (August 16), following recent comments made by Barrister M Sarwar Hossain.

Addressing the issue, BAJUS said no individual or organisation has direct control over whether gold prices rise or decline. Bangladesh is heavily dependent on imported gold, meaning changes in international prices have a direct impact on the domestic market.

According to the association, when international gold prices increase, BAJUS adjusts domestic prices upward, and when global prices fall, it makes corresponding downward adjustments.

BAJUS said its Standing Committee on Pricing and Price Monitoring has been established specifically to monitor gold prices and oversee adjustments in the domestic market.

The clarification comes shortly after BAJUS raised gold prices in Bangladesh on August 15.

The price of 22-carat gold was increased by Tk 2,158 per bhori, bringing the price to Tk 236,779 per bhori (11.664 grams).

The revised prices for other categories were:

• 22-carat: Tk 236,779 per bhori
• 21-carat: Tk 226,165 per bhori
• 18-carat: Tk 194,206 per bhori
• Traditional method: Tk 158,630 per bhori

The latest explanation from BAJUS is intended to clarify that domestic gold prices are adjusted in response to international market movements rather than being arbitrarily determined.